I've been toying around with the idea of paint on a grayscale bump map in the viewport and converting it into a normal map through Blender's nodes and mixed into an existing normal map, to be able to paint high-frequency detail on a model without actually sculpting or adding geometry, just like in Modo and Sculptris.…
you can't do anything node-based in the viewport I'm pretty sure. Yet again I haven't gotten into nodes too much... but yeah, nodes are a more render-based thing. You also can't viewport bump map paint. Sorry. I know you could use texture paint and use only black and white, plug that bump map into your material and render…
You could look into the nodebased programming work done by this guy? http://phonybone.planetblender.org/ As I understand it, it places nearly no constraints on what nodes can be used for.