My method for this is to select the polys that I want for one texture and assign it its own shading domain in the modeling room.  Then select the polys in the hole and give that a different shading domain.

Then, use a layers list for the texture, and assign different multi channel structures to the different domains.

You can use projection mapping to get the wall graffiti to work no problem.

it sounds complex but its not too bad.  The result you want can be done no problem.

if you want more info, let me know and I'll post it here.

-Kix