I tried this. If you notice in the intro diagram, displacement originally split off into:
1.) Vector Displacement
2.) On the Fly
You could generate a VDM for the purposes you're describing, but the sculpt density of the mesh needed to produce such a map using a 3rd dimension through vector isn't really practical.
.... I learned this quick and deleted/ignored VDM for the purpose of creating grass in any type of rendering.....