Hi Phil,
The DSC Image Navigator is capable of importing .wmf files with transparency intact, so I suspect that you may be running into an issue where Paint Shop Pro may not be outputting the file in the format expected. In fact, as of LabVIEW 7.1, you can import .WMF files with transparency directly into LabVIEW as well. Which version of the DSC Module are you working with that you notice this behavior?
You may also wish to try importing the attached .wmf graphic into LabVIEW - this image retained its transparency data correctly on my system (LV 7.1 and 8.0 tested).
Cheers,
Matt Pollock
National Instruments