Can the Pitch Correction combined with the CV Out on my Theremini track Volt Per Octave on an external oscillator?

Yes. 

• In the SETUP menu of your Theremini, navigate to the page titled, CV OUT. 
  
  
• From here, highlight the field called, APPLY PITCH CORRECTION (which by default will say NO), and change this field to YES.
  
  
• Exit the setup menu.
  
  
• Turn the PITCH CORRECTION knob fully clockwise (maximum pitch correction).
  
  
• Insert a TS cable from the quarter inch CV OUT jack on the rear of the Theremini to the 1V/OCT (pitch) input of the oscillator you wish to control with the Theremini.
  
  
• Your Theremini will now track the external oscillator 1V/OCT.

Additional Tips:

• If you do not wish to hear the Theremini’s sound, just turn down the VOLUME knob of the Theremini.
  
  
• Contrary to this, if you wish to have both the external oscillator and Theremini sound together, turn the VOLUME knob of the Theremini clockwise to set the desired mix of the two sound sources.