Reveal/hide an effect with luma/alpha of another layer

Now that After Effects is slowly introducing features that free the user up from the horrors of layer-based compositing (e,g, the new pick-wip track matte feature), it's time that a compositing option was introduced that allows an effect to be matted using the luma or alpha of another layer. Logically, this would exist in the current drop-down that allows masks to reveal/hide an effect. In addition to using masks, there could be an option to use a layer, with a pick-wip to select, and buttons for luma/alpha and invert, just like the current track matte options. Currently the closest way of doing this is to use an adjustment layer and track matte but it can quickly get very messy and that method has many limitations especially once a composition uses 3D layers.