The "two renders" method will give you the holes, but not as good as a transmap will (unless you paint in shadow effects). And even with the transmap method you'll still have to paint in the tatters and loose flaps of cloth.
I'd go for the dynamic cloth pathway, plus transmapping. That'll give you rips and tatters, including correct shadows.

The pen is mightier than the sword. But if you literally want to have some impact, use a typewriter

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