Yeah! Indeed. Morphing with progresive alpha chanell works better than in Photoshop [alpha/transparency brushes]!
I tried this trick several times. One mankament is that you need to use aditionall application to join rendered layers in one image [f.e. The Gimp]
Use low densiny of Mist [0.2] with white/black sky at bg [turn on blend]
Insert f.e cube. Add mist. Turn on RGBA and set output to *.png or *.tga .
To make all operation easy place camera direct to your object [v90*, h 90*]!
Now select all objects in your scene [a] and rotate it around your depth axis about 45*.
Render it .
Open both images in The Gimp and paste one of them as layer to second one.
It’s Blender not Photopaint!
Do you want tutorial?