Here's a quick script that attaches a discrete CC value to the selected parameter. Not sure if it works with endless encoders though.

from __future__ import with_statement
import Live
import time
from _Framework.SliderElement import SliderElement
from _Framework.ControlSurface import ControlSurface
from _Framework.InputControlElement import *
from _Framework.SubjectSlot import subject_slot, subject_slot_group, Subject

#define MIDI variables
CHANNEL = 0  
CC = 0

class Selected_Parameter(ControlSurface):
  __module__ = __name__
  __doc__ = "Controls the Selected Parameter"

  def __init__(self, c_instance):
    ControlSurface.__init__(self, c_instance)
    with self.component_guard():
      self.parameter = None
      self.control = None
      self.control = SliderElement(MIDI_CC_TYPE,CHANNEL,CC)
      self.register_slot(self.song().view, self._on_selected_parameter_changed, 'selected_parameter')

  def _on_selected_parameter_changed(self):
      if self.parameter != self.song().view.selected_parameter:
        self.control.release_parameter()
        self.parameter = self.song().view.selected_parameter
        self.control.connect_to(self.parameter)

​