Yes, there is a way to preview with no background.
You’ll want to have a separate preview sequence – this will have two video tracks.
Video 2 = Main Edit Timeline (as a nested sequence.)
Video 1 = Checkerboard pattern that you generate (a still from whatever source you wish – this is only for your comfort that you’re seeing transparency.)
For outputting the video with an alpha channel, it may be a useless exercise. Do you know that your playback program can mask the video with the alpha channel? Some VJ solutions can, but most standard players won’t be able to.
Regardless – here’s a starter.
In order to render an alpha channel in to your video, you may have to output 3 times:
1x Video RGB
1x Video Alpha – see following notes
1x Composite from AE
The reason I say 3x with once from AE is that I don’t know of a way to output the alpha channel as an embedded alpha from within Premiere – I can only see options to output composite video.
You can, however, create an sequence to output the alpha as a composite video, which you can then combine to a composite video in After Effects. Nest your main edit timeline as listed above, but remove the checkerboard pattern. Then apply an effect such as “4-Color Gradient” to modify only the non-transparent pixels. Change the effect controls to all white. The result should be a black & white video that shows only white where the video is not transparent (I.E. where it will show up on the projection surface) and that it shows only black where the video should be see-through.
I’m out of time at the moment, but if this is still relevant and you’d like more help, reply here to my comment and I’ll try to write up the next steps. If you want to try to figure it out on your own, search for “track matte” in the After Effects forums.
Best of luck!
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https://chrisjeffries.tv