for the first version of iMovie ("iM-a") there were hundreds of plug-ins, e.g. geethree.com Slick, avail, to teach iM new effects & titles.
unfortunately, Apple hasn't documented an official API yet, to allow installation of 3rd party stuff in iM-b.
tell Apple an enhancement request:
http://www.apple.com/feedback/imovie.html
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a probably work-around for your actual problem could be usage of graphics containing transparencies in .png format ....
read my advice concerning 'creating new titles' on my website
https://sites.google.com/site/karstenschluter/imovie09tricks