It turns out you do not have to set the pixelformat for what you are trying to do. You have to set Image1.Transparent := True and set the Image1.Bitmap.TransparentColor...
Try this:
var
iTransparentColor: TColor;
iRGB: hyiedefs.TRGB;
begin
Image1.Transparent := True;
Image1.Picture.Bitmap.Assign( ImageEnView1.Bitmap );
iRGB := ImageEnView1.IEBitmap.Pixels [ 0, ImageEnView1.Bitmap.Height - 1 ];
iTransparentColor := TRGB2TColor ( iRGB );
Image1.Picture.Bitmap.TransparentColor := iTransparentColor ;
end;
I tested this with PNG images...
William Miller