NOTE!: If the color that you chose as the transparent color, is not coming up as one. Then you still need to pick the proper color. Time, trail & error is going to be needed here. Before you get it right.
Chapter 3 - Debug Key Usage
This alone, I don't consider to be a real chapter. But, it's the only way, for one to understand, how do the said keys work in mugen, to give it's desired effect. The list is as follows (Use this list, as a reference, to test it out for yourself).
The following hotkeys are for debugging purposes.
Key Function
--- --------
F1 Sets Player 2's life to zero
Ctrl-F1 Sets Player 1's life to zero
F2 Sets both players' life to 1
Ctrl-F2 Sets Player 1's life to 1
Shift-F2 Sets Player 2's life to 1
F3 Gives both players full power
F4 Reset the round
Shift-F4 Reloads stage, characters and fight data
F5 Time Over
F12 Take a screenshot (saved to mugen?.pcx)
Ctrl-C Toggles display of collision boxes, target data (including
remaining juggle points) and NotHitBy attributes
Ctrl-D Toggles debug information display
Ctrl-I Forces both players into stand state
Ctrl-L Toggles display of the life and power bars
Ctrl-S Run the game as fast as possible
Ctrl-V Enable V-sync (stops "shearing")
Ctrl-# (where # is from 1-4) Toggles AI for the #th player
Ctrl-Alt-# (where # is from 1-4) Enables/Disables the player
Space Restores full life and power to all players
Most are not even aware, that this can be found, directly in the readme file in Mugen's main directory (the folder where you actually run mugen). Then again, nobody really read it anymore. so, it has to be put in a format, that doesn't require opening a file. Which is pointless to not open it.
I will add more chapters. As time moves on. Or, whenever I have free time.