STY_Translucent no longer works on meshes.
*Pauses to shake fist at whoever was responsible for this.
Instead the translucency works on the texture. You have to build a shader up out of the original mesh texture and assign that to the mesh. Now imagine doing that on every player and player weapon/attachment.. yes, that's what was required to get the lightgem working in 2k3/4 instead of just a simple DrawStyle = STY_Translucent. Couple that with the lack of dynamic lights in 2k3/4 and you'd think someone at Epic didn't like me.
I guess to set the frame, you're going to need an AIScript with the ACTION_PlayAnim with the rate set to 0 and start frame set to whichever frame you want. Check out the wiki for more info on setting up scripted actions on pawns if you haven't played with it before.