Hi Mike,
Maybe I'm missing something, but why won't this work:
-convert your BMP to ICO
-place a picture control over the graph (z-order in front of graph)
-change the picture control backgroung to transparent with the paint tool
As long as your BMP isn't greater than 255 pixels in either direction, you can make an ICO from your bitmap. Typically we think of Windows ICO files as 16-square, 32-square, or 48-square, but other larger sizes are possible. They simply aren't used often. I'm not sure you can violate the square shape, but there are several good icon editors that advertise the ability to make custom size ICOs.
I have personally placed 48x48 ICO files over a strip chart (with a clear background) and I didn't notice one bit of flicker. I haven't done it with a graph control, but I assume it would be very similar, if not identical, in function. Is there a specific reason for wanting a canvas control?
Orlan