If you're going to go that route, you might as well just do a hashed aligner with a bitmasked searching. Then after the face, you can do the PWM calculation. This is how the BFAST aligner works...
It really depends on how degenerate your motif really is...
However, once you start adding in the probabilities, I think that it might be better to do the proper calculation across the board.
Without knowing what you're actually looking for, it's hard to pinpoint what the optimal algorithm should be. The 4-bit optimization is a common choice for ambiguous sequences, so that might be a good place to start (and as a bonus, the revcomp can be a simple bitstring reversal if done correctly). But I have my doubts. Hell, given what you've said you're trying to do, a well formed regex might even work just as well. :)