I guess I figured one way to fake it.
Since my main texture will have a cubic projection, I couldn't just drop a texture in the opacity map and be done with it, but then I remembered the projection shader.
I plugged a circular gradient in the projector with a flat projection positioned where I wanted it, this way I can animate the gradient to sort of open and close the hole. It doesn't bridge surfaces but with a little blur on the edges, it doesn't look that bad.