Ah, ok. I think I know what you’re wanting.
Mudbox lets you paint transparencies, specular highlights, and just about everything else you can imagine, because it uses actual Maya style shaders. You’re painting separate maps that are automatically plugged right in to the live shader effects themselves. Very cool stuff. Doubly cool because you see transparencies on the model while you paint, instead of grayscale maps.
Does that sound like what you saw??
Zbrush can do some of that, but not all, and not in the same way. We’re not there yet. Unless I’m forgetting something, Zbrush can display one texture map, one normal map, and one displacement map at the same time, per object. You can easily create a specular map, for instance, but you can’t have a specular map and a diffuse (color) map showing on the model at the same time. (Though you can sort of cheat by using multiple shaders to simulate layered maps. This only works well in zbrush though. There are no maps to export.)
Following this info, if you want to create a transparency map for another 3D app, you’ll need to create a texture map in zbrush, using polypainting and convert that to a texture for export. This polypainting/texture would need to be a grayscale image. So as I said in an earlier post. Your cloth would be stark white (solid), and your holes would be black (empty) spots. The cloth would be 100% solid geometry. No real physical holes.
You could also adjust the cape’s alpha in photoshop as well. You have options.
This is just the bare bones. You can create maps in somany ways. You just can’t always see them live in zbrush.
The difficulty we have is that those are actual holes in your geometry. I think no matter what you do, the cloth will have to be retopologized in one way or another. You could leave the holes, or fill them in, and create a transparency map for them, but either way, you need new geometry. If you allow the holes to stay, you can probably transfer any details to a new lower poly mesh, as long as that mesh lines up with the original, including the holes.
Is this helpful? Did I misunderstand what you need? If so, what exactly is the transparency supposed to be used for? (I assumed it was for the holes.)