You can't turn the "Value" portion of a Color Box transparent, without showing the "T" for the obvious reason that it needs to show you its current color.
Use a Classic boolean and set BG and FG to transparnet instead, if you really want the item to show up on the BD.
Also a comment on the suggestion that you filter the event.
While altenbach is correct that these is "easier" for the programmer, the suggestion leads to a very bad programming practice from a GUI standpoint. The user is allowed to click on something, but is given no indication why the click is ignored. This would be okay if the object were not something a user would normally be able to click on but in this case, the GUI is sending mixed signals to the user. With the transparent object approaches, especially using a decoration, LabVIEW changes the cursor in a way that provides cueing to the user that the action is not valid.
Regards,
Doug Wilson