[/spoiler]Sorry for not resizing the screenshot but I needed to post this real quick, don't have much time and I don't want to forget to post this.
If the actor has renderstyle TRANSLUCENT or ADD and an alpha property (like 0.5 or 0.75 or whatever), and if the actor is replaced with a model... the model indeed does respect the actor's alpha BUT will always appear in front of sprites.
In the screenshot, the blood splats are in fact way far back in the background, behind the Baron.