I never had much use for trans …

I never had much use for transparent terminals. They annoyed me, but with my own photos on the desktop it’s kinda nice to see familiar scenes in the background of my terminal as I work.
Here’s the settings I use with MGT:

I like having a light coloured background (black on light yellow) so here we go..
Settings->Tab Preferences->Image

1. Check the “Transparent” box.
2. Set “Shaded Background” to 41%
3. Set “Adjust Contrast” to -69%
4. Set “Gamma Correction” to -14%
5. Tint the background with whatever colour you like.

The aim would be to get a lightly transparent image, that’s discernable but not distracting. These work for me, but YMMV!