I think you could even use a PFS, but I don't know about the negative displacement. I haven't experimented enough, but using black for negative and white for positive, you can create holes just like we do on Fake Stones. But, to get it exact, an image map mask would probably work better.
You know someone who I consider a near expert, if not an expert, on this sort of thing is Ben. BigBen, do you have an answer for this?