Yes. Each control can have its own ContinuousAction option. As follows:
Manipulate[{x, y, z},
{{x, 0, "x"}, 0, 10, 1, ContinuousAction -> True},
{{y, 0, "y"}, 0, 10, 1, ContinuousAction -> False},
{{z, 0, "z"}, 0, 10, 1},
ContinuousAction -> True
]
The inner options take over from the common options. So in the above, z will use True but y will use False since it is an inner option.
Update
this is a follow up on the comment below. I am not quite sure what is the problem we are solving exactly. But I think then what you want is simply to use ControlActive
http://reference.wolfram.com/mathematica/ref/ControlActive.html
ControlActive can be used to switch between a faster computation to be
done while controls like sliders are being moved, and a slower
computation to be done once the controls are released.
If this sounds like what you want, I'll be happy to make you an example using it if you tell me more about what these actions you want to do, which one is slow and which is fast. (help also have more examples on it, but feel free to follow up if it is not clear)
I understood the question first as you have 2 control variables and want to control each on its own.