It's really a wonder that this wasn't more popular. I mean, I know it's conceptually a little strange, but it could have saved a lot of people a lot of time.
I'm not sure "master of polyphony" is the right title, perhaps "psychotic of polyphony" might be better. :D But ultimately, according to my understanding, it is only "polyphonic," in that it doesn't have time-based filter or amplitude changes, which are the source of articulation designations such as "paraphonic" and "multiphonic." But since the ARP 2600 has a single amp and a single filter, I'd have to say that this was a "paraphonic" implementation.
I would say that buying a small organ and process the notes from that through the synthesizer would be a more versatile solution - plus that the organ can also be used as an instrument without the synthesizer. The Polybox cannot really be used for anything else than a note multiplier together with the synthesizer. I don't know how much it cost back in the 1970s but a small table organ was not a big investment.
A bizarre and quirky device that takes a signal you put in and gives you a chord of that signal. Good for making a chords and moving them around and if skillfully manipulated can create complex ensemble harmony from single lines in real time. Frank Zappa used this but beyond that I don't know of anyone else that did