To achieve something like you describe yes. Whether we can get you the exact effect you want is hard to tell because we don't have any examples of the effect nor the image you want to use to reveal text.
Some simple examples to show the beginning of such an effect with classic and fluid editors.
image hover text reveal ce.mp4
image hover text reveal fe.mp4
I used a scale effect as that is dead simple to work with. The transitions you describe would be harder to implement, I think.
It might also be possible to adapt a responsive image map to an effect like the one you describe. Not sure on this one as I've never done it. I think the image transition effect would not be possible. But I think a number of text reveal effects could be done.
Although the following thread is not about the exact effect you want is may be a starting place for some code.
There was an image flip text reveal effect talked about some time back. Again not specific to your effect but it shows that image/text effects are possible on SS.
