I wrote a script for anyone that need a script for changing the transparency of the active, and all the inactive, panes/sessions – rather than just windows. It's working both for multiple windows and split panes: https://github.com/BlackZoda/iTermScripts
Personally I use it in full screen with split panes – so I more easily can see referance material through the inactive panes, while still keeping the active pane legible.
Related stack overflow thread.