Creating a "section" of alpha on texture by demand

[Lolzen]

So, obviously i have a bit of a problem with the Castbar time collapsing with the pet frame, but don't like using a different place for aestethics.
So i've thought about, if it would be possible to kind of set an alpha background behind the time and "burn" through the pet frame.
At first i though a Mask texture is what i'd need, but i guess that's not the path to go.

Is that even possible?