That type of scenario would be something you’d need to test for your unique environment. I’ve never done that, but I don’t think the logic would allow that. From how I’ve used it in the past, you have to be InterCompany before you can be and IC Trader… the IC Tracer functionality builds on what the InterCompany setting provides.
But that’s just looking at how I’ve done it before… you should try it out and see if it works for you.