Is it possible to have the mask of a layer affect the layer style? Or apply a transparency mask directly to the style? I currently have a transparency mask on a layer and it doesn't affect the drop shadow style no matter what I seem to do. I'd rather not convert the style into its own layer (if that's even possible, haven't tried) I want the shadow to stay accurate to the layer it's attached to, since I'll probably keep editing that layer for some time. I see some possible solutions on the blending options in the styles controls, but they're grayed out and say 'Not Implemented Yet'. Does that mean it's still in development, or that I need to setup something myself first?

Layer styles are implemented in a different way to masks (I don't know the details) so the short answer is 'no'. I assume the blending options thing is still in development.
If you apply a transparency mask to a layer with a layer style on it, the mask is applied first, then the layer style to the rendered result.
If you group the layer then apply the transparency mask to the group, the transparency mask will be applied to the rendered result of the layer with style applied, i.e. to both of them. So, manually, you could mask out parts of the layer style effect.

There are 'tricks' you could do with using a clone of the layer to erase the object from the image, leaving just the layer style effect, as linked below for drop shadow, but this only works with hard-edged objects, as painted with a pixel-art brush. Soft edges give line-edge effects. Also, it might not work well with other layers styles.

https://i.imgur.com/3BMEwFK.png