Two notify me button functionality

With regards to 'notify me' function we have two use cases

Item is out of stock - we would want 'Out of stock' - email the user when the item is back in stock

New Item - we would want 'Join the Waitlist' - notify the user when the item is released

Can we seperate these two functionalities by assigning specific products to the 'Join The Waitlist' option whilst anything that is out of stock relates to all products which are out of stock