My goal is to create a window that has a variable level of transparency and no standard border. On top of that area I would like to display opaque items, especially text, that might need to be made transparent. I have tried using SetTransparency methods, SetBackgroundColor and wx.TRANSPARENT_WINDOW styles but haven't had any luck in essentially keeping the children transparency level independent from the parent window's. I have started looking into the graphic and draw methods but not sure if this result is even possible to implement in wxPython. Should I be using a different tool or can this be achieved in wxPython?
wxPython does not support this behavior. You might be able to fake it by creating lots of custom widgets or by drawing everything, but it will be a lot of work. You would be better off switching to a different toolkit that has this sort of thing builtin. wxPython is for developers that want to make applications that look native on the target OS.