It used to work for me... I'll check it out.

Edit: well, this code works for me.. Maybe I didn't understand your problem?
Code:
action cube(){
		
	while(1){
		
		if(is(my, TRANSLUCENT)){
			reset(my, TRANSLUCENT);
		}
		
		wait(1);
	}
}

void main(){
	fps_max = 60;
	level_load("");
	
	mouse_mode = 4;
	
	ent_create(CUBE_MDL, vector(200, 0, 0), cube);
	ent_create(CUBE_MDL, vector(200, -25, 0), cube);
	ent_create(CUBE_MDL, vector(200, 25, 0), cube);
	
	while(1){
		
		if(mouse_ent){
			set(mouse_ent, TRANSLUCENT);
		}
		
		wait(1);
	}
}



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