Version 1.2 - Changed Mask Extract solution. Bug fix. Fixed offset to always 0. Added remesh option instead of smooth (this produces cleaner outputs).
Version 1.5 - Fix Mask Extract, now toggles dyntopology off when used and avoids duplicating modifier when apply decimate is off. The settings list are also shown in groups of 5 now to avoid cluttering the panel and pie menu UI. Navigating the list is done with the up and down arrow icons located at the upper left corner of the list.
Version 1.6 - Duplicates in saved dyntopo settings are now avoided entirely.
@Safetyman: Go for it, man! Just watch out for the Decimate and Smooth because BLender sculpt has its own undo stack. For safe use, just un-toggle the apply modifiers.
v2.1 adds the Vcol Fill operator in Mask Tools. Basically fills the masked area with the chosen color. Updates in edit mode so could lag in hires meshes. Also color bar is independent from vpaint for simplicity sake.