that's not work , Because almost 80% of the work will be done inside Houdini such as Modeling / Animation / Visual effects / , so export all that to another app really not Good choice at all since many of Visual effects scene will depend on Mantra Render Engine
Th reason i want use Terragen is because it could save me a lot of time , creating Planet with Houdini will take a lot of time and even that I'm not sure it will look just like Terragen Planet
P.S
i saw your demo 2 days ago Richard , what amazing work mate , really great work you have done , i wonder if the Camera Animation done inside Terragen or you Import that from some other app ?