Is there a way to create a region-based mask which covers the whole image except for a hole? I think this would be useful for working intensively on a small area, such as a bloated star or galactic core. I can imagine doing this with PixelMath, but I can only imagine very cumbersome solutions.
Ideally, we would have a script to produce a "region of interest" mask from a Preview, perhaps shaped as a configurable ellipse within the Preview borders, with a control for smoothing the edge.
It wouldn't surprise me if this already exists or could be done trivially with current tools. Any suggestions?