You can get actually pretty close if you use Cross map with CoronaTriplanar.
But the use case you are mentioning is a pure CoronaDecal texturing thing, way more convenient and way more straightforward than playing around with mapping types and size.
And specifically in the case of dirt or something that fades away, you can easily mask it directly for the decal used, and not have another hard time for mapping the mask to the texture.
Yes, CoronaBitmap lacks mapping types, but you have Bitmap for it which is supported by Corona :)