Lxterminal "fake transparency"(i.e. duplicating the background set with, i.e. feh without a compositing manager) seems to not work in lxterminal-0.3.1-2, but did work in lxterminal-0.3.0-2.
Attached lxterminal.conf provides transparency without a compositor in 0.3.0-2 but not in 0.3.1-2. I noticed that the background selector for the background color changed between these versions, possibly the way background alpha is changed has changed as well?
Both versions provide transparency when a compositing manager is installed.
Update: Was due to a configure variable. Passing --enable-gtk3 to ./configure of any recent version (tested 0.3.1 sourceforge and git latest on "master") breaks faux transparency. So the gtk3 version of lxterminal seems to not support faux transparency.