I just came across this post and thought I would throw my 2 cents in. I went to a workshop a couple of years ago where a cone 04 translucent porcelain body was mentioned in passing by Kurt Weiser. The recipe is 50% NewZealand China Clay, 50% Ferro Frit 3195 and 2% VeeGum to increase plasticity. I have used it and it is extrodinarliy translucent and it totally vitrifies and self glazes. I have experimented a little with Mason stains as well to add a little colour and they work really well. Mix a little stain and a little of the frit and you have a nice way to add some colour.
I have found that although the VeeGum is supposed to be relatively colourless, it does add a pinkish tint.
I have used this to throw as well has to make hand formed beads. I found that if I bury the beads in a bisqued pot full of alumina hydrate, they will not stick together and come out quite matte but they have a lovely silky feeling. To remove the rough alumina that might stick to them, just pour the beads into a plastic bag, seal it and agitate with your hands, they will come out all nicely pollished.
For throwing, I find it quite soft and buttery, it hardens really nicely, not too fragile in the green state. When firing, I place the pots on a layer of alumina and then just sand of any alumina residue afterwards.
Here is a link to some images of some small pieces I made with it.