No, forward overrides backwards, and up overrides down in the hitbox, unless they changed it since then.
Backwards and forwards equal to neutral. Only up overrides down. I was checking the tutorial videos and apparently this choice is a critical design of the controller's effectiveness as you can see in the videos below.
http://www.youtube.com/watch?v=EV1UBe7sHiU&list=PLA4B222224DEFCD80&index=2&feature=plpp_video
http://www.youtube.com/watch?v=RGcgx9YqynQ&feature=youtu.be
Without them, you wouldnt be able to perform the dash cancels and wave dashes with the minimum possible frame counts. It was well thought