Dynamic Texture Composition?

Does anyone know of a way to combine multiple images into a texture at runtime in a parameterized manner?

What I’m thinking of specifically is spatial separation of glyphs going into the texture, for example in the image below the top-left image representing a dynamic texture would be comprised of 4 images, 3 which just block out the whole area with a z-index (based on order of application would be perfect, not an actual z-indexing system), the red X represents an area which could be transparent or just overlapped and the asterisks looking glyph would just be a glyph with a transparent background which overlaps the previously applied image. The overall background would have to be transparent (it will be applied as decals on a glass material.)

One note: these would have to be reasonably precise as they need to be applied to UV maps.