Hi Dana,
Yes, the component-based load factors are multiplicative with the load set load factors. So a 1.5 ultimate factor on a load set, combined with a 1.5 ultimate factor on a specific component, will result in a total of 2.25 ultimate factor for this component.
In general we recommend not using the component-based load factors unless there is a specific circumstance that would require you to assess different factors on a given component.
-Stephen