Graphics.COLOR_TRANSPARENT on Instinct 2 series

It seems I need to rephrase my question:
Is it any way to apply checkered mask (to get grayscale effect) over generated image on Instinct 2 series?

Search this forum for "checkerboard".  It's something that can be used for low power mode with an AMOLED display, but lets you have a black rectangle, can me used to make it look gray, by setting every other pixel to white

Thank you Jim,
I have used checkerboard for AMOLEDS via dc.drawBitmap(...

For the Instinct 2 series I want to implement 'grayscale' mode applying over rendered image a pre-rendered and stored checkerboard. Unfortunately it seems doesn't work on real Instinct 2 series devices. I just need to know is it possible to draw on Dc some pre-rendered  BufferedBitmap with transparency (ie one color is Black, other one is Transparent) with a real transparency effect? 

If you look at the checkerboard posts, I do it with a custom font, setting the colors to foreground and background of the screen.  This makes half the pixels the foreground color and half the background.  No transparency in the custom font.