Currently, if you change a texture for armor to be colored transparent, but not fully transparent, the transparency renders properly on the player model. However, it does not render properly on armor stands and mobs. While there may be a performance hit for rendering that much transparency, I think it would be nice to render the textures the way they're designed by the resource pack creator. Also, you could tie this ability to graphics options where if you have graphics set to fancy it properly renders on all and if set to fast it renders the way it does now.
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