I am trying to replicate the CBS network logo on TV that they inbed on their programming for my TV station. CBS has their logo in a transparent form yet you can see the outline. I have a logo but can't figure out how to do this. The problem, I THINK, is that I can't put a border on my logo. My logo consists of a solid background object with the station call letters over top of it. I would like to give the background object and the call letter objects gradient borders and then make the faces of all objects 100% transparent. THEN make the borders 50 - 75% transparent. Hope I haven't rambled.
If you go into the blending options (right click the layer name) you can set the "fill opacity" of the layer separate from the opacity of the layer, so the content of the layer will be transparent but the layer effects (borders) can have a different opacity.
You can also go into layer styles an individually adjust the opacity of each effect.