I can’t think of a way to make this work in exactly the way you want. The Alpha palette > Transfer section has GrabDoc which grabs the current view as a height map. This could then be converted to a texture and loaded into Spotlight as an on screen reference. But although you could automate this so that it worked with a hotkey it wouldn’t amount to real time feedback.
The only other way I could think of was to create a stack of planes as subtools which would be set an appropriate distance apart. This would give you a clear idea of which parts of your sculpt reached above what height. Turning the planes on/off, using Transparent and Solo mode gives a fair amount of flexibility. I’ve attached a ZTool example (load into Tool palette).
MatCaps wouldn’t work as they are based on the mesh normals - which way the polygons are facing rather than what height they are.
Height_test.zip (32.7 KB)Height_test.zip (32.7 KB)