Well, for one, all these values are fractions in the range 0 to 1.
If you use 0 in your example, the image will become fully transparent. If you use 1, it will be fully opaque.
Since 16 bit forms store only 1 bit of alpha (and 5 bits each for red, green, and blue), you cannot do more than toggle that bit.
If you want real translucency, create newForm with 32 bits of depth instead of 16. Then each component gets full 8 bits, and e.g. using an alpha of 0.5 will make the whole image half-transparent.
- Bert -