I've managed to apply alpha filters to graphics in real-time in Java. I just apply an RGBImageFilter, maintain a memoization cache of filtered images for later use, and then load them through a MediaTracker to force the application to wait until it is done processing the new images from the RGBImageFilter.
Jup have has this and you can do cool stuff with it, just like you can edit a palette realtime which allow for other cool effects like plasma. But I am unsure if MMF has this feature. It does have those ink effects which can be setup, but I don't think the level of control is available as in Java. But also Java has it's limitations like the garbage collector or the underlying JVM implementation on the Operating System.
The garbage collection system hardly slows it down at all.
The JVM isn't a problem either since in most cases the byte code is just as fast as native c++ code unless you're using assembly to speed things up.