I'm using 12.0g++ on Windows 2000.
I downloaded your bitmap and created a simple 10x10 grid to apply it to. Things I noticed of possible interest included:
partially covered patches Patches partially covered by the decal produced 100% transparency for the not-covered portions of those partially-covered patches (no matter what the decal transparency % was set to). The advice to make sure you hide any patches that your decal is not going to completely cover when applying the decal holds here.
0-100% transparency This range of transparency appeared to affect the pure white portions of the transparency map. In other words, setting the decal "Percent" to 50% caused the white-covered portions of the model to be 50% transparent. At the point of "100%", white values finally offered complete opacity. Presumably, when you simply want the transparency map to convey a range of opacity where white equals opaque and black equals 100% transparent, you would set "Percent" to precisely "100%".
transparency > 100% Increasing this parameter above 100% finally began to affect the actual transparency of bitmap pixels that were less than pure white. For example, at 200%, some of the gray fringe around your black circle appeared to have become nearly opaque. Although the documentation I read seemed to cite "5000%" as a magic number, that appeared to me to be insufficient to make black pixels produce 100% opacity. A value of 10000% appeared to me to produce 100% opacity, though I don't know if whether that is the exact value required. Nor do I know the formula for calculating how much opacity a black pixel conveys, given a particular value of "Percent" greater than 100. These seem like things that would be nice to know.
funny bidness It seemed like there were some times where I had to save the project, exit AM, and restart to have a decal change correctly noticed. If I can repro this behavior when my 13.x arrives in the mail, I will report it. You might want to try a similar strategy if you make a decal change that seems to produce no difference.
In summary, I was able to animate the transparency effect I believe you were trying to achieve, using your original bitmap, no need to mess with alpha channels, TGA, or anything else. I started with a "Percent" of 100 for the transparency decal, and had it increase to 10000. (I guess you want that to go the other way for the case of creating a hole.)