I think what you probably want is not to set the transparency on your objects surfaces, but to set an overall dissolve on the object. I can't remember exactly where this is off the top of my head (I don't have LW in front of me at the moment), but I think it is on the object properties panel. Simply set a disolve of 50% on your object, and set the transparency of the surfaces to 0%. That way, you'll get the effect that the individual surfaces are not transparent (i.e: you won't be able to see the inner workings of the mesh), but you'll still be able to see right through it to the background...
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