Semi-Transparent Decal Support for PV360

In Photoworks I get great results using decals that are semi-transparent - it allows me "layer" textures/appearances to create subtle effects - panleing, grime, chipped paint, etc. - that I would otherwise not be ablte to create.  The body panels on jet in the attached image are a decal created from a black and white schematic image of an F-14, with the illumination set to "matte", and the transparency at 90%.  There is no mask used, though I think that may be the solution to my problem , see below.

If I open this file or others using the same technique in PV360, there are a couple of issues.  First, it takes forever to open and response in the program is extremely sluggish.  Second, the decal is no longer transparent - it is opaque and almost seems to be acting like a lightsource (sea attached image - could be so bright because decal is white).

Is this a known limitation?  A bug?  I'm thinking that masking out the white might correct the brightness, but it would still be nice to have the transparency of the decals carry over from the PW.

Cheers,

Matt

SolidworksPhotoview 360