Is it possible to Alpha Blend or implement a similar effect for a VCL control on a TForm?
For example, consider the following screenshot where two TPanels are place
The VCL gives you the opportunity to specify a drag image list to be used during drag-and-drop, here's a quick example:

unit Unit1;
interface
uses
Winapi.Windows, Winapi.Messages, System.SysUtils, System.Variants, System.Classes, Vcl.Graphics,
Vcl.Controls, Vcl.Forms, Vcl.Dialogs, Vcl.StdCtrls, Vcl.ExtCtrls;
type
TPanel = class(Vcl.ExtCtrls.TPanel)
protected
function GetDragImages: TDragImageList; override;
end;
TForm1 = class(TForm)
Button1: TButton;
Button2: TButton;
Button3: TButton;
CheckBox1: TCheckBox;
Edit1: TEdit;
Label1: TLabel;
Panel1: TPanel;
Panel2: TPanel;
Panel3: TPanel;
procedure FormCreate(Sender: TObject);
procedure FormDragOver(Sender, Source: TObject; X, Y: Integer; State: TDragState; var Accept: Boolean);
procedure PanelStartDrag(Sender: TObject; var DragObject: TDragObject);
procedure PanelEndDrag(Sender, Target: TObject; X, Y: Integer);
private
FDragImages: TDragImageList;
public
end;
var
Form1: TForm1;
implementation
{$R *.dfm}
{ TPanel }
function TPanel.GetDragImages: TDragImageList;
begin
Result := (Owner as TForm1).FDragImages;
end;
type
TControlProc = reference to procedure(Control: TControl);
procedure IterateControls(Control: TControl; Proc: TControlProc);
var
I: Integer;
begin
if Assigned(Control) then
Proc(Control);
if Control is TWinControl then
for I := 0 to TWinControl(Control).ControlCount - 1 do
IterateControls(TWinControl(Control).Controls[I], Proc);
end;
procedure TForm1.FormCreate(Sender: TObject);
begin
FDragImages := nil;
// set display drag image style
IterateControls(Self,
procedure(Control: TControl)
begin
Control.ControlStyle := Control.ControlStyle + [csDisplayDragImage];
end
);
end;
procedure TForm1.FormDragOver(Sender, Source: TObject; X, Y: Integer; State: TDragState; var Accept: Boolean);
begin
Accept := Source is TPanel;
end;
procedure TForm1.PanelEndDrag(Sender, Target: TObject; X, Y: Integer);
begin
FreeAndNil(FDragImages);
end;
procedure TForm1.PanelStartDrag(Sender: TObject; var DragObject: TDragObject);
var
Image: TBitmap;
begin
if not (Sender is TPanel) then
Exit;
Image := TBitmap.Create;
try
Image.PixelFormat := pf32bit;
Image.Width := TControl(Sender).Width;
Image.Height := TControl(Sender).Height;
TPanel(Sender).PaintTo(Image.Canvas, 0, 0);
FDragImages := TDragImageList.Create(nil);
FDragImages.Width := Image.Width;
FDragImages.Height := Image.Height;
FDragImages.SetDragImage(FDragImages.Add(Image, nil), 0, 0);
FDragImages.ShowDragImage;
except
Image.Free;
FreeAndNil(FDragImages);
raise;
end;
end;
end.