Wirelessly posted (HTC Touch Pro 2: Opera/9.80 (Windows Mobile; WCE; Opera Mobi/WMD-50286; U; en) Presto/2.4.13 Version/10.00)
Yes, it should be in the same menu. You can see each device, and their respective bluetooth profiles. There is a checkbox for each profile.
For example, you have a Plantronics bluetooth headset, Motorola bluetooth stereo headphones, and a car bluetooth. You can toggle which bluetooth device you want active, and what bluetooth profile enabled (i.e. car on as headset, but bluetooth stereo (A2DP) off.
Hope that answers your question.