No, you're still working in the round as normal. The back of the hand stitches will be lace according to the chart, and all stockinette rounds will be knit every round.
BTW Fairisle in the round is 100 times easier than back and forth since you're always looking at your pattern and are always going in one direction.
"Trust the pattern!"
Time flies like an arrow, but fruit flies like a banana.
Hop aboard while we follow the cloud-covered van of knitting harmony, man!! Woooo!! --Hedgehog
IngridKH on Ravelry