I can't speak for the live client, but 32bpp textures should work just fine in SC.
It's a big pain having to create a mask just to create a translucent/transparent section of a particular texture. Would be great if I could just import a png file with transparency and have it determine the alpha through the image file rather than 2 different files.. Or changing the opacity of the entire texture.
If you have a 32bpp .BMP file, it should work. One of the OpenZone to-do's is to let it import any file, not just .BMP. I think it can handle .TGA files, though. If you convert your image to a 32bpp TGA file it should work right now.
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