Alpha blending isn't even supported by the OS before CE 5.0, so it would
require manually blending, which will be a lot of work, and probably not
very fast.
You might want to see if "XrossOne Mobile GDI+"
(http://www.xrossone.com/index.php) can accomplish what you're looking to
do. But like Chris stated, it may be slow.
Let us know if you find the answer in GDI+. I have some code I wrote for
GAPI about 2 years ago that does alpha blending, and it is extremely
fast...I could post it, but it is written in evC++