You need to be able to quickly switch through the tracks in your Live Set, but your controller doesn't have this feature? Have a look at Track Select, a free Max for Live effect that makes this very simple.
Add it to a MIDI track and map the dial to an encoder. Now if you turn the knob, you can quickly select a track. You can also use several instances Track Select, e.g. one for drum tracks, one for melody tracks etc.
This way for heaps more Max for Live devices & tips.