RE: Avionnette HM-8 build thread.
Tranluscent yes. Transparent? PLEASE NO! ! ! ! While clearly transparent looks nice on modern gliders and stuff old classic designs really need a "privacy glass" like translucency so they don't end up looking like flying fishbowl's.
Something like Litespan with the fibers in the material would be excellent. And for a color scheme I'd say keep it simple since the lines of the model will be entertaining enough. Some fake registration letters rather than numbers to show it's European heritage would be nice. Something like F-PBJF would be a good fake French registration with the first F being for France and then you need 4 letters to fill it in. On the fuselage I'd keep it simple so the structure showing through can be seen with less "clutter".
With a little care this thing will be very "Lazy Bee" like.