aboslutely.

Use a stencil with the paint brush or paint project brush. You can also edit and warp stencils like you can in spotlight by using Edit Stencil mode (you can subdivide your stencil to have smoother warping).

In Edit Stencil mode, you can use any of the paint brush tools, cloner, dodge, burn etc on the stencil.

Spotlight still has some advantages but stencil will do just about everything you really need.

Dont forget the paint brush will paint the brushes color through the stencil. If you want to project the color that is in the stencil image, use the paint projection brush. If you have a color set on the paint projection brush it will tint the projected image color.

I think you will find that Mudbox is far superior in texture painting than zbrush due to real layers per channel (spec, diffuse, bump etc), and layers (with layer masking, color correction filters, and blending modes) and multi uv, pixel resolution painting. Be sure to have 2012 SAP to use the new gigapixel paint engine which is phenomenal.

Zbrush still has better dry brushing and noise generation but… the painting in mudbox is far better in general