OK, I think this is what you need to do. First of all, the magic corner is the bottom-left corner. I don't believe you can use transparency in a background image(??). Instead, you can only have transparency in one of the user-defined objects in the layout. When creating the image for that user-defined object the color that will become transparent should be the lower left color in the image as well as anywhere in the image that needs to be transparent. Obviously this color can not be a color that needs to appear as normal in the image. Once that user-defined object is created (and you check the checkbox that allows 'transparency' to be used) then the areas in the user-defined image that are the transparent color will now show the background image in those locations instead.
(Oh yeah, if you zoom way in on the 'transparent' image I think you'll see there's an off-by one error or something when computing the transparent area and you'll still see some pixels of the transparent color. However, if you view it in normal scale those pixels disappear to the eye).
Wow, I'm not sure that's clear at all.
Good luck.