Multicam creates multiple tracks for the same camera

Are you syncing with Timecode? If you are then the answer is yes, it can put each camera onto the same track if you apply camera LABEL or camera ANGLE metadata to each individual angle. Then when you create the Multicamera Source Sequence you can choose how PPro will place those angles. 

If you're syncing by waveform, then the answer is no. In that case, you're better off, IMHO, using a third-party syncing tool and doing the first syncing step outside of PPro. They are worth the cost in this case. The other option with waveform sync is to have PPro create multiple multicam source sequences (do not check Create single multicam source sequence) and then work from them separately or manually combine them into one. 

Yay! I'm not the only one wondering this!

12 Point - did you ever get a solution? 

Seems like this needs a good "if/then" solution -First, label all your cameras in the bin. Then tell Premiere to clean-up "If label=XXXX, then collapse to a single track."  There should be no overlaps PER CAMERA. Right? 

Sigh.

So the cameras start, stop, start again? So each camera has a number of clips?

If so, then Premiere does this ... annoying ... new track issue.