If you are talking about effects such as transparent force fields and such (I assume that's what you mean by "permanent billboard effects") then yes, you can do that. It is also possible to use this for permanent 2D geometry simulation (something simmilar to what the old EvE ships used to employ with those complex girders).
You do it through the particle system - basically you create a flair point with a custom made texture which has its alpha adjusted to produce the transparency effect. Make the lifetime infinite, and the particle count set to 1 and you should be good to go. I used this method succesfully to create hangar forcefields.
Other than this, I don't think you can do partial mesh transparency, as that would require the model to use a completely different shader than what is currently available. Also, using TGA files would probably produce unwanted results (if it would work at all, which I doubt) because you'd lose MIP maps.
It *should* be possible to use the above particle method for 3D transparency effects, like bubble domes or canopies, by using an actual piece of geometry and simply adjusting its transparency with an instant color oscillator (it has alpha control as well) modifier - in case the normal transparency control in the color picker doesn't work on mesh particles, haven't tried it that way yet.