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Not sure if it'll achieve what you need, but what if you convert the layer to smart object then mask the effect? Actually not even sure if you can mask a layer effect like you can a smart filter.
It kind of looks like you could do it with a regular mask on the layer but I'm sure what you're after is probably more complicated than that.
Edit: you can't mask a layer style apparently, but I think a regular layer mask should do what you want? you can past in an image, select the channel and edit and adjust until the masking is correct
Anyone aware of a way to control the 'blend if' effect with a texture?
For example the attached image has five separate layers, each with a different setting, but I'm looking for a way to accomplish similar with a greyscale image. Can't for the life of me figure out how.
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