I'd say that due to differences in weight (even if aerodynamics were the same) the amount of propellant would only match the arrival time or flight path crossing of projectiles to a certain point, not for the entire flight path. But that is not without problems either.
In case of, say, MG151/20 and different weight projectiles it would be more desirable to match the flight path horizontally to a certain point and not the time of arrival since the time difference is practically negligible, where as if the horizontal flight path difference is great the majority of shots would miss if the tracer would be used as the guideline to direct aim.
Effectively this means that the heavier projectile could leave the barrel with less velocity than the lighter one but still cross a certain point with the lighter one (but at different time), since despite faster speed the lighter round will also decelerate faster due to worse kinetic energy retention. To calculate this point would be pretty wild process but I guess that is why there are tables of flight time and drop to certain distances to aid in combining a sensible belting, and what is more important to calibrate the sight as the propellant loading is what it is and cannot be changed on the field. That would mean that the weapons officer would tell the pilots prior to mission that the tracers can be used to direct fire for, say, up to 300 - 400 meters and that the aiming point is a few degrees above the center of the sight but at 600 meters the majority of rounds will land exactly where the sight is set where as at that distance the tracers may already fall below target, or still fly over it.
In best case the tracers' flight path would cross that of the heavier ones exactly at the desired sight point but there would still be differences at other distances.
If we got to micro level the matter gets even more complicated as the reducing weight will affect the flight characteristics but not necessarily in a positive way, on the other hand the erupting hot gases from burning tracer decreases tail drag etc etc etc....
-C+