Translucent pixels are certainly possible. I use them extensively. Though I personally find Fusion's graphics editor a bit confusing when it comes to the alpha channel, as you need to edit the alpha channel separately from the graphics,
If it's not working for you, try doing what I do and create your graphic in an external program with translucent pixels already in it (saved as a 32-bit PNG) and import it into the graphics editor. That way the alpha channel will be automatically imported from the file and will be correct.
Also ensure that your active object has translucency enabled in the properties. There's a checkbox for it (I can't remember what it's called exactly and I'm not at my PC currently)
Creating an Alpha Channel then using the Selection Tool over the dot while set to 1% opacity worked, thanks!
That said I don't understand why you need the Alpha Channel. What is the point of having the option to paint dots at X% opacity in regular mode when it only seems to actually take effect when done within a created Alpha Channel?