I would like to suggest instead of making your own ship transparent on the screen why don't you add something like a icon that says,"Cloaking Engaged" and you ship stays normal and you are cloaked. Also i would like some sorta of function that lets you know that you been spotted just for seers and snipers. Maybe like a "eye" icon. Lets you know you been eyed and is not stealthy enough. Best to keep things simple.

No.

Long answer: What you suggest for cloaking is fairly identical to cloaking in C1, the ship doesn't change what so ever but adds a blue aura ring around the exterior. It looked lame and cheap (No offense dev team). The new C2 semi transparency visual affect for cloaking is a load better to look at for hours on end in my humble opinion.
As for the 'eye icon' part of your suggestion; Doesn't it seem blatantly obvious when your seen by the target, simply by said target 'firing tha laserz' at you?

I tell you what we do need is a K key for slaves. I cant work out how to turn their cloaks on and off without unequipping the cloak.

Not sure if this'll work, but hotkey their cloaks on your hotkey bar.

tried it, it just turns my own ships on and off

shift-K for slaves please!!!!

Do your slaves have the same cloak as you? Did you actually drag their cloak from their inventory to the bar or just your own?

yes my slaves and me use mzungu cloaks. i dragged each slaves and my own so I had 3 icons up the top. all 3 of these icons only turn my main ships cloak on and off.

I guess it don't work, sorry.

There might be something you can do via RTS commands, I shall ask Jey.

this is basically so I can equip cloaks on my slaves for the bonus but not have them wasting elec by having it activated.. thanks for asking

There isn't a way currently; but Jey has something very nice on his list.

Back to the cloaking. I took a few things i like about other games and threw it in. I just have a hard time seeing a cloaked ship and wouldn't it bee cool to know who can see you and who can't?

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It would be cool to know who could see you but that might be a bit broken.