[Stencils] Draw direct pixels of translucent prop

Is it possible, using stencils, to only render the passing pixels of a translucent model?
I cannot figure out how to do this, if there even is a way, with my limited knowledge of stencils.

I figured something like this would function, but it only draws the opaque model.
[lua]
render.SetStencilTestMask(1)
render.SetStencilWriteMask(1)

render.SetStencilReferenceValue(1)
render.SetStencilCompareFunction(STENCILCOMPARISONFUNCTION_ALWAYS)
render.SetStencilPassOperation(STENCILOPERATION_REPLACE)
render.SetStencilZFailOperation(STENCILOPERATION_KEEP)
render.SetStencilFailOperation(STENCILOPERATION_KEEP)

self:DrawModel()

render.SetStencilReferenceValue(1)
render.SetStencilCompareFunction(STENCILCOMPARISONFUNCTION_EQUAL)

render.SetBlend(0.5)
self:DrawModel()
render.SetBlend(1.0)
[/lua]

My goal is to only render the pixels that I can directly see, but the model has to have transparency.