When using the Texture Paint mode, is it possible to paint in layers? And if it is, is it possible for Cycles to access those layers to use with Nodes?
Theres no such thing as layers implemented in Blender at the moment. That feature is coming very soon. You can have painting mode set to Image and then chose whichever image you want to paint on.
Look at this, may be useful.
Sorry to bump up an old threat but whats the source of this information / where to look to stay up-to-date with it?
No problem. Great place to watch developer talk about upcoming features and implementations is dedicated forum https://devtalk.blender.org/. You can post your questions there too. Place to look about features currently worked on is https://developer.blender.org and of course Blender documentation at https://docs.blender.org is place to look about features available currently.
Heres section about painting:
https://docs.blender.org/manual/en/dev/sculpt_paint/painting/texture_paint/introduction.html
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