Take a look at the GenericButtons demo in the wxPython demo. Specifically look for GenBitmapToggleButton. It does most of what you want.
The transparency bit may be impossible though. In wxPython, you cannot have just one widget be translucent. It's an all or nothing affair. Check out the SetTransparent()
method. You can pass it anything between 0 and 255 where 0 is completely transparent and 255 is completely solid. Here's a tutorial on it