Progress! Taking the lead from cyphyr and Oshyan, from the Shaders Tab, I did an Add Layer->Displacement Shader->Image Map Shader. I renamed the Shader "Altitude", Set the Projection Type to Spherical and set Position's Y to -6.378e+6. Just to more clearly see the terrain, I disabled the Atmosphere. To make sure I can see that the displacement is working, I set Displacement Amplitude to 300000. I also had to uncheck Apply Colour and check Apply Displacement. This is what I got:
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So this is the effect that I wanted. Bravo! Thanks to all of you. Displacement appears to be in meters just as I intended. Also, displacement seems to be interpolated between displacement map "pixels", just as I would want.
It appears that by having to set the displacement of the projection to a hard-coded Position you are not orientationally "childing" it to the planet. If I were to add an animation path to the planet, then I would have to add the same animation path to the projection position path of the altitude shader that I just created. If there is a way to subordinate the shader's projection center (as well as its orientation) to the planet's location, it would be highly desirable. Notice that the orientation of the planet causes the camera to view North America. I wanted to rotate the planet to bring Europe and African into view and could not find a way to do so. The Planet Object's parameter page has a Heading slide bar on it but changing this doesn't seem to rotate the planet. Also I see no indication of how to change the planet's axis of rotation.
As I have now spent some quality time working with Nodes directly, it appears that the signals going from "Node Output" to "Node Input" (always the left-most triangles?) seem to contain a complex aggregate of information transmitted between nodes including colour, displacement and possibly other information. In electrical engineering and even music mixing we would call this a "bus". This would imply to me that only these kinds of signals should be hooked to eachother or that the software has an internal typing mechanism so that it knows to connect colour to colour (even within these; blue-to-blue, red-to-red and green-to-green, alpha-to-alpha), displacement to displacement (X, Y and Z if applicable) etc.