Hi
I don't know you, but to me the alpha texture creation have been a real PIA process so far.
1. Make a alpha texture in GIMP for the certain object texture.
2. Export your object to the AC3D format.
3. Convert the AC3D file in OE and close the OE
4. Delete the cache folder from OE folder.
5. Open the OE s-l-o-w-l-y again.
6. View first time how your object is appearing. Basically the LOD1 living shape only.
Not too nice.
So, I was studding the Blender a bit more and figured out the alpha texture creation with 'Texture painting' feature is very easy task. Plus you can check the final result by rendering.
Testing
The Blender textures are in RGB format but it look like the automated converting to the indexe/gray-scale format is possible to do arrange.