Yes, that's exactly what it means. However, if I remember correctly, the 3510i doesn't support viewing of 2 things at the same time, so I'm afraid you're going to be out of luck.
(This is due to the fact that it doesn't recognize SMIL -- as a result there is no way to tell it that "these two parts should be displayed together")
The only workaround I'm sure you've already thought of -- include a caption in the gif itself.