Jeff,
as you can see from the function chain pic attached, I was using the image analysis window.
As I see it, because you get an "rpc" file per band, you have to do the ortho rectify on each band first then pass that on the composite / pansharp function afterwards.
I have found that doing everything, all together in a mosaic is not always (well, lets be honest, never) the best way.
Generally I do all the messing about using the image analysis workflow. Then export out the final version into a fgdb, then mosaic the various scenes.
N