What you want to do is certainly possible. Your idea of using a low resolution, *large-scale* heightmap as a basis is a good one, and will work. Depending on the size, you may just want to create a spherically projected map for the entire planet and then add detail from there. TG2 would probably not be the best tool to begin the process in, but once you have the shape roughed out, you can import it using an Image Map shader and use that for base displacement as well as (possibly) masking.
Ideally you would create several images, starting with a base heightfield with accurate (albeit coarse) heights described in grayscale. Then create masks of different areas for varying terrain types, e.g. deserts, mountains, etc. Use the base heightfield for displacement, and the masks to control distribution of procedural effects. Used in combination with something like NVseal's planet pack, the results could be excellent across a large scale. You can then use Painted Shaders for additional smaller-scale, localized changes in terrain shape via displacement (positive and negative). Alternatively you can drop-in higher resolution heightfields created in other apps into specific areas and blend them in.
- Oshyan