Translucent aperture blades would not behave like a true apodization filter in the useful sense. Apodization works by progressively reducing light from the outer zones of the lens, which also tend to contribute more aberrations; that can smooth bokeh and sometimes improve apparent sharpness, but it costs light transmission.

If the aperture blades themselves were translucent, light would still pass through the area you intended to block. That means the lens would act less like a stopped-down lens and more like a partially blocked wide aperture. In practice, this would reduce your ability to control exposure cleanly and would not give the same sharpness/depth-of-field benefit as a normal smaller aperture.

The closer real-world design is an STF/apodization lens, such as Sony/Minolta STF models, which use a circular graduated ND element rather than translucent blades. Those are specifically designed to improve bokeh smoothness while accepting lower transmission, which is why they may be rated in T-stops as well as f-stops.