Quote - Here's a little stocking+skin+toecap anti-demo - by that I mean that it demonstrates they don't work the way I'd hoped they would. ;-)

(Click for full size)

Hi,
the right foot seems to be a mesh hickup, the left foot looks good. I'm sure the artifacts can be fixed. (And those would exist for conforming stockings as well, even worse, all along the leg!)

The main issue seems to me, that a seamless-for-the eye transition between the skin+stocking shader to the two separate shaders "stocking only" for the toecap and "skin only" for the feet must be created. 

Best regards,
  Michael