Steve
My apologies, I should have tried the raster function - when you said "tool" I assumed GP tool. I just looked at this on Pro 3.0 beta, and you're correct - the pansharpening function does not expose band selection in the UI. Note this will work automatically if you first create a mosaic dataset and then add your images using the WorldView 3 raster type.
If you don't want to use a mosaic dataset for some reason, you can also make this work by using an "Extract Bands" function in front of the pansharpening function (the chain below is applied inside the mosaic dataset) - but our raster function should be updated to enable the user to select which bands to process.
Thanks for the feedback on this.
Note you should also be able to use the GP tool as I indicated above, but this will generate a new image on disk - so normally I would recommend using on-the-fly functions as you were attempting to do.
Cody B