Painting: I wanted to try to preserve the translucent effect and make the figure look like it was phasing in and out of the shadows. As such, I used some minimal additions of black and gray (VGC Coal Black, Sombre Grey, Cold Grey) on the body, and especially on the face to draw attention. The same color were used on the base as well, in addition to a black wash (TAP Dark Tone Ink). Other areas of the body received a blue wash (TAP Blue Tone Ink) to show some muscle definition and bring out the mane. Being a shadow creature, I decided to keep the claws and teeth black, though I did paint the eyes red (VGC Gory Red) to bring them out and give the creature a more menacing look.
Conclusion: I like how the figure turned out, with the "transitional" effect between material and shadow. As I learned with the Haunts set from Bones I, maintaining translucency while adding any paint to the figure can be tricky. Every added layer reduces the amount of incoming light (depending on view angle), so you have to take care not to block out the back of the part you want to remain translucent.