I notice that there are some issues with depth sorting (which I guess would be expected). It'd be complicated, but one way you could do the same effect without that issue is to use signed distance fields in a shader: https://www.iquilezles.org/www/articles/distfunctions/distfu... (Demo at the bottom of the page)
I have some experience with Canvas rendering but, like this, just in straightforward layers. I don't think a dither would be practical, a fade might be using a mask and setting the alpha, but you'd still have to detect all the overlap.
I'd say the answer to my question is a 'nope'.