I don't know if a POLY2 with a 4000 mask is a series of lines or not...but I can't tell either on the screen or in a print out...and I don't have to define any RESOL to achieve this.
Never mind, with a step angle of 2°, and the below code, I've achieved the results I want.
FOR i = 0 TO 360 STEP 2
PUT axis1/2*COS(i), axis2/2*SIN(i), 1
NEXT i
If I then use a HOTARC2, the user can snap to this ellipse as well, completing the illusion.