Hey Joel H.
The texture in your scene indicates a repetitive pattern. You might build one hole* and merge it to the smallest possible unit, then repeat it, e.g., in MoGraph.
*Have one polygon with a hole and one without (both same size, same origin) then use MoGraph with a MG selection to get things sorted out. So far I know my series about mass-production of holes will be public (finally) in summer. Well, I guess you need it now.
Displacement maps, for SPD I highly recumbent to use 16bit/c formats. Eight bit/c are mostly just a waste of time.
You asked for baking a displacement map. I guess you have in mind to bake the resulting mesh. I can’t recall if that is possible in any way. What C4D offers as Baking a Displacement map is more based on a high resolution object where the resulting displacement map allows a low resolution texture via SPD to “recreate” this high res. object but with the advantage to produce only polygons where you really need it. This seems to be not the case here, at least if I understand your project correctly. A reason why I started out to suggest the “model” option. Stable, clean and optimized. (More information about Displacement baking: Manual>Bake Texture)
All the best
Sassi