Edge feathering in multiple shapes on a single layer

Imagine this simple shape - a donut.
It can be made with two circles in a single layer. The inner circle cuts out the donut hole.
Now I want to make the donut’s outline feathered - it doesn’t seem to work for the inner circle to invert the direction of the edge spline (manually inverted it doesn’t seem to render properly, and using negative value for the edge have different function).
One solution is to use two layers to achieve that effect.
My question is how to use multiple shapes on a single layer for masks with holes and feathered edges? Is it possible or I should stick to the multiple layers method?

Thank you for your example! Unfortunately, after more research and your very helpful included image, I think this might be a bug that we have on our list of to-do bug fixes. But I think a workaround is available.
As you suggested earlier, yes, try making cut outs as separate layers above the intended layer and subtracting them in your composite for now. I apologize for the inconvenience.
Thank you for bringing this to our attention.

Hi There,
You should be able to manually move the inner points and get the feather you are looking for by clicking on the uber key and using the inner selection tool to feather your shape and then clicking the uber key off. Can you let me know if that works for you? If it does not, can you send a screenshot to further explain?

Sure here is an example!
Please note that both circular shapes are in one layer.
Image: http://img526.imageshack.us/img526/1189/featheresdedgeproblem.png (ImageShack - Best place for all of your image hosting and image sharing needs)
Uploaded with ImageShack.us (http://imageshack.us)

You’re welcome!
I hope it will be fixed soon.