Hey guys, I don’ know if you lot know about this, but I’m putting it out there anyways so someone else could use this if they wish. Did a search for similar topics but found nothing. While doing a texturing exercise from one of the CGCookie tutorials I came across a nice little trick. I did a model with a few sculpting details and was a bit disappointed that i could not see the displacement in the 3D view while painting textures, without using the multires modifier. So I took an AO bake and multiplied it with the diffuse texture of the material. This does not produce displacement per se, but at least it gives you some indication of where it is while painting textures. It’s not ideal, but I found it quite helpful and it saves on viewport performance. You do need to mind the colors while painting though. I hope that someone else finds this useful.
Cheers.