The src-dst-mac will use both scr and dst, as a pair, to do load sharing. For example if MAC A was talking to MAC B it would take one path. If MAC A talks to MAC C it would take another. If MAC D talks to MAC B it would take yet another. Gives a bit more granularity than source or destination together.
You are correct in the fact that load balancing for your channels is configured and applied to all channels. You'll need to, based on your traffic patterns, pick the best for you in your environment. Here's a link that talks about it a bit more.
http://www.cisco.com/univercd/cc/td/doc/product/lan/cat4000/12_18a/config/channel.htm
Hope this helps you,
Don