To make PERMASET ink more translucent, just keep on adding PERMASET Print Paste (or Reducer). 

If you want a REALLY translucent colour, it’s probably best to start the other way; i.e., start with PERMASET Print Paste and add tiny amounts of the coloured ink until the desired intensity is achieved.  For some excellent information and further detail on making PERMASET reductions with Print Paste, check out this Blog Getting to know PERMASET textile screen printing inks: Part 1 – Permaset