If you dont need to cover the entire planet, just the area within view then you could try the shader array, four or five offset instances of differing sized craters may do the trick.
I have not tried this but it could work ... .. .
Richard
ps: I'm having a go at a simple setup now and it looks to be slooooow. I'll post a tgd and screeny/render in a bit
pps: nope this is taking waaay tooo looong and I've given up on this approach.