Heightmap Surface [plug-in] (updated: 2014/Jun/30)

[micheus]

Have the ability to paint an image texture in the dialog box ,where the image is shown, that would control the geometry. Paint with a white brush.

This kind of tool has passed on my mind when I was playing with brush for sculpt.
If I would do that, we certainly would use it for paint texture inside Wings - like in Sculptris
But for that, I would need to study/understand something about Image Warping.
Such tool would work like you see in Chameleon: Adaptive Unwrapping for Interactive Texture Painting

Maybe some day in the future.