Currently transparency and see-throughness of different kinds of objects are handled by separate options available in the menu. You can also bind shortcut keys to them individually.
My suggestion is a new transparency options tool that handles the options for all of the different objects in one window.
Here's a screenshot of the OpenTTD transparency options window:

The top row controls whether the object type is transparent or not (when pressed down, transparency is enabled)
The bottom row controls whether the objects are transparent or see-through when in the "transparent" mode. (Implementing this would be a bonus, not a hard requirement.)
Additionally, a shortcut key (X) is bound to toggle the transparency state for all objects contrary to OpenRCT2, where you currenyly have to hit the shortcut keys for each object group separately.
The window can arguably just be a plugin, but we will need to implement the ability to enable / disable translucent and fully transparent for each visibility option.
Here's a Gist with a plugin that adds a simple transparency options window into the game.
https://gist.github.com/knomepasi/cb9f47f24bfd2eae58ef3801239a3c67
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The window can arguably just be a plugin, but we will need to implement the ability to enable / disable translucent and fully transparent for each visibility option.