Chief,

You are correct. There are several university trials of which I'm aware that show the advantages to zone-till or strip-till (if any), can generally be duplicated with fertilizer placed in no-till, either in-furrow and/or off to the side.

There are also some issues that may arise in needing to set up the planter to handle the more damp and more resilient (structured) soils of true no-till.