You can use IR, yes. I might be in the minority here, in fact I'm sure I am, but I don't like using the IR very much.
I feel as though it's slower to resolve once it gets going, more trouble to set up the precise area from a specific angle that I want to see and is prone to crashing more often - I'm not intending to start any debate about IR, it's just my personal preference to use the standard render. It's likely that 2 of the 3 points I just made about it aren't even warranted! It's technically the same in quality as the standard render isn't it? I suppose I should adapt and get used to it.
I've considered temporarily substituting with a Displace modifier but with the lower possible mesh size, Corona displacement being dependent on it's own size settings and also the workings of the adaptive displacement I wouldn't be sure of matching the result.
There are existing ways of achieving this, as you say. It's far from essential. I just thought it would be a neat option within Corona's own modifier.