In PSP8 you can select the luminance and save it as an alpha channel.Hi Sheri (or anyone else who wants to help),
After looking at the results from your action I'd like to ask for
your help. I don't have PS so I can't use this wonderful action (I
do have PSP 8 but there's no luminosity selection in it as far as I
can tell so I can't even try to recreate in it your action's
workflow).
Select background layer,
Click Layers > new mask layer > from image,
promote back ground layer to full layer > OK,
check "source luminance" in dialog window > OK
Click selection > from mask,
next click selection > load/save selection > save to alpha channel > save,
now delete mask layer and drag background out of the group to get rid of the group.
Now your have the luminance as a selection mask in an alpha channel.
to load highlights make sure background layer is active, selection > load/save selection > load from alpha channel > load.
then click Selection > promote selection to layer, and name the new layer highlights.
to load shadows repeat except in load selection dialog box check "invert image".
again make sure background layer is active and promote selection to layer and name it shadows.
Now you can change the blending modes and opacity.
You could easily make this a script in PSP8.
This should get you in the ballpark.
CaseyJ