Some of you others chime in here - but the column stability factor in the NDS (in the appendix) is an adjustment of axial load capacities for built-up columns.
The theory, as I understand it, is that as a dual 2x4 column receives axial load, the limit state of lateral buckling is restrained by the cross sectional stiffness (Euler buckling, etc) and this lateral stiffness depends upon a composite-like behavior between the two 2x4's. For this to happen, the nailing between the two must be of sufficient strength and stiffness to resist the longitudinal shears that develop.
But if your built-up column occurs within a wall, with sheathing on either face, then the potential to buckle is negated and the reduction factor can be ignored. This means that the 2-2x4 column behaves exactly like a 3x4 column (2 x 1.5 = 3) except for the points made above about 2x4's having different allowable stresses than 4x4's, etc.