I have a window created with the WS_EX_LAYERED window style. I am currently drawing onto a memory bitmap using GDI+, and using UpdateLayeredWindow to update the graphical content of my layered window.
Here's a snippet of my code:
void Redraw(HWND hWnd, int width, int height) {
    static bool floppy = true;
    floppy = !floppy;
    HDC hScreenDC = GetDC(HWND_DESKTOP);
    HDC hMemDC = CreateCompatibleDC(hScreenDC);
    HBITMAP hBmp = CreateCompatibleBitmap(hScreenDC, width, height);
    HGDIOBJ hObj = SelectObject(hMemDC, hBmp);
    Graphics gfx(hMemDC);
    SolidBrush b(Color(254, (floppy ? 255 : 0), (floppy ? 0 : 255), 0));
    gfx.FillRectangle(&b, Rect(0, 0, width, height));
    BLENDFUNCTION blend;
    blend.BlendOp = AC_SRC_OVER;
    blend.BlendFlags = 0;
    blend.SourceConstantAlpha = 255;
    blend.AlphaFormat = AC_SRC_ALPHA;
    POINT src = { 0, 0 };
    SIZE size;
    size.cx = width;
    size.cy = height;
    Assert(UpdateLayeredWindow(
        hWnd,
        hScreenDC,
        NULL,
        &size,
        hMemDC,
        &src,
        RGB(0, 0, 0),
        &blend,
        ULW_ALPHA
    ));
    SelectObject(hMemDC, hObj);
    DeleteObject(hBmp);
    DeleteDC(hMemDC);
    ReleaseDC(HWND_DESKTOP, hScreenDC);
}
When creating my SolidBrush, I specified the value of 254 for the alpha component. This results in a 99.6% opaque fill, which is not what I want.
When I specify 255 as the alpha component, there appears to be no fill; my window becomes completely transparent. This is an issue because I wish to draw shapes that are 100% opaque, but I also wish to draw some that aren't.