I know there is a masked brush that applies a second brush to the first one. That is there to provide texture, but I feel like the masked brush could do more. Would it be interesting to include all the settings from the main brush such as color section (darken, mix, hue, etc) and general section (spacing, softness, and sharpness as well as all of the blending modes because it is limited)? As for texture, I am not sure. Maybe yes? The masked brush can use its own foreground/background color separate from the main brush or none just for texturing (that is decided by the user).
Basically, with the improved masked brush, users can use two general settings at once, two color settings at once, two blending modes at once, two everything at once. There will be more variability. The masked brush is layered on top of and clipped to the main brush.
Not sure if this is a good idea or if this was already suggested or if there is any use to this or if it is already in the program but I don't know where to look or how I should use it, but any thoughts? This idea does not have to be followed exactly, though. For example, yes on giving the masked brush its own color but not have foreground/background color, which in this case the mix is useless. Another would be to have special effects applied on top of the general brush stroke. Or actually, rather than improve the masked brush, why not have a separate setting that will stack on top of the main brush stroke? This will allows users to choose either masked brush or a different setting that completely use two brushes at once.
Again, this is just my thoughts on improving the brush settings. If the idea is not useful, I understand.

Is there any type of effect or results you are trying to achieve? What gave you these ideas of adding more features specifically to the mask area?

You can assign a limited range of blending modes to a masked brush already through the brush tip section. Things like spacing are also already available. A mask is about "cutting out" something, so I don't know if it would make sense if you could specify a color with a mask.

Based off some of your later comments, you don't want to modify the masked brush, but add some type of double brush where you are combining multiple brush presets into one.