Though my previous custom mount thread (link) didn't get much attention, I enjoyed making it and decided to create another mount. This time I tried to copy the theme from the spectral tiger mount. I used Photoshop to manipulate color and texture transparency and used Cryect's M2modder to make the model show transparency.
The prepacked mpq turns all epic raptors into this custom mount.
Download
Update: slightly modified the .m2 like Schlumpf suggested, it now looks ghostly rather than just transparent.