Cool, I hope you do get around to it. Transparency is as easy as using semi-transparent PNGs when you're texture mapping. But the biggest problem is that you'd probably have to model some of the insides as well, so it doesn't look like a hollow balloon. Consistency is difficult to portray when rendering a semi-transparent object, I agree.
I am just stunned at the detail level you did here. That skin is just so tangible and breathtaking to look at. Just a beautiful menagerie of scales and fur from different creatures. And the whole hulking like body just adds to his already terrible fearsomeness.