The latter is wrong.
The Foveon sensor detects colour by detecting how deep a photon travels. Take a photon that hits the sensor vertically; let's assume it travels to depth d. A photon of the same colour that travels at an oblique angle alpha against the vertical axis will travel a distance of d within the sensor, but because of the oblique angle the depth it actually reaches is only d*cos(alpha), which can be considerably less. So in fact the Foveon sensor has a problem with wideangle lenses. Assuming that red is at the bottom, it also would mean that infrared gets read out as red with increasing distance from the center of the frame, depending on the lens.
You can work around this in software if you know the optical parameters of the lens (focal length, placement of back element, current aperture etc.), so that you know which areas of the sensor are likely to be hit at what angle. Note that since the back element moves, the precise parameters also depend on the focusing distance. This is why the only digital compact with a Foveon sensor on the market, the Sigma DP1, has a fixed focal length lens.
Or you can try to work around it by arranging the sensor layers differently, not in a flat shape, but instead in little pits (like
this image suggests). The difficulty with pits is that you don't know where the photon hits the surface, and if it doesn't hit the center of the pit its colour will be misdetected. So you have to mask out much of the surface, making the sensor less sensitive overall. At least that's how I understand it.
So the only way a Foveon sensor could possibly make sense in a rangefinder would be with a lens database in the camera and with coded lenses, and even then it would be very difficult. For instance, the camera would have to read out the distance setting electronically (probably the aperture as well). Maybe this was one of the reasons why Leica introduced lens coding, because they want to retain the option of using Foveon sensors in the future (which I don't think they will do, given the still-existing problems and the comparatively low sensitivity of present-day Foveon sensors).
Philipp