Deep Paint does that, but it's SOOOOOO old now that I hesitate to recommend it. It does have issues that the newer software handles much better, and also doesn't let you morph. Plus, if you are doing multiple 4000x4000 face texture maps (diffuse, bump, shine), and then start adding body textures and its bump and shine, your system slows to a crawl with it, because it treats them all as 4000x4000 textures.

Also Deep Paint doesn't do displacement IIRC ... does do bump though.

I know a few around here have recommended Blacksmith 3D, but I've never used that one.