Uhm ... what?
What did you do in order to achieve the screenshot?
I thought it was obvious, but perhaps I should go more into the details here. I created the model (1a) and unwrapped it afterwards (1b). Then, I painted the alpha mask for the second texture (2d) directly onto the model's surface.
I imported the model using MED and assigned the first texture (2a) with completely opaque alpha (2b, in a 32-bit TGA, if that matters) to skin1 and another texture (2c), that I wanted to blend over the first one, to skin2. The latter has the previously prepared alpha channel.
I saved all that stuff as MDL, loaded it up into WED, assigned mtl_terraintex as material, built the WMB, started my project and made the screenshot.
Now I guess you wanted to imply that I'm completely nuts, but let me explain my theory: when I have an HMP file, it still has the usual UV mapping as any other model. The textures assigned to its various skins are nothing more but images with visibility information for the UV coordinates. So I thought, what works for heightmaps should very well work for models, too (which prove wrong, as you can tell by my initial post).
Thanks @Superku and Kartoffel. This technique does indeed look very helpful. I'll have a look into that, though I doubt I'll be able to make use of it. I'll just post again as soon as I encounter problems.