Fading Transparency

I'm making a mountain level with fading cliffs. The original concept I had was to split the object to be faded into several parts and set each part to a different semi-transparency, giving the appearance that the object faded the further it went down. However, is there a way to do this using only one object?

I have a lot of objects in the frame already and adding a few more will cause loss in frame rate as well as "stamping" (where an object is "created" in several random locations in the frame even if there is no condition or event to tell it to do so).

You could try different varieties, or shades of grey. With the highest color being white, and the lowest color being black. Then maybe set the semi-transparency setting to whatever make it look right.