Yes and maybe....
A Multipage menu keeps the audio throughout (and is only an option for a Bluray rather than a DVD).
But it may not work as you would like because Hollywood uses a different system than Encore is capable of, and some effects or options you imagine may not be possible. Also there was a bug in Encore that can create a glitch on menu loop.
They've messed the Encore help files up, and my link goes to the pdf version of CS5! I'll see if I can find the link.
Only page 0 has a background, and it is the background for all the menus in that multipage.
It can be odd to access the pages/buttons not in page 0. You can do this through the menu panel (the appearance in the menu viewer does not change) or the layers panel (the appearance in the menu viewer does change). Or you can move between pages in the menu viewer using the Show Next Page/Show Previous Page buttons.
The Encore preview does not extend beyond page 0. Pretty worthless.
So, burn a rewritable disk to test, or build to a BD folder or image and playback with a high quality software player. I like PowerDVD since Total Media Theater is no longer available.