It has been many years since I used TCanvas for the last time in Delphi or Lazarus, but I know it has serious limitations.
In Windows, TCanvas calls the native drawing dll, called "GDI", "GDI32" or so by Microsoft. I can't tell about Vista, but, for any other Microsoft OS, it offers no blending or antialiasing natively.
You can just choose the pen/brush color and style. The brush style gives you some control about the background drawing and area filling, but it's not the kind of alpha you want.
If your software have to work in Windows, probably you need to use a library or draw by yourself.