Blend If -> Underlying Layer

Is there a way to take a clip or an image (in my case I have a .png with opacity) on a track and set it to somthing like Overlay etc... but also be able to blend based on underlying layer features, or features inside the image itself.

In my case I'm going for "Underlying Layer"

In photoshop you can do this.   I attached as screenshot as it helps far more than my description.

Basically you can have the effect of the top layer appear on a range of values present below it.  So for instance a checkerboard overlay only shows up on pixels 0-20% out of 100%.  

Looking for any way to achieve this in Premiere Pro. Thanks!