I think everyone has different a idea of what constitutes 'Good' staining. None of those ideas is either right or wrong. Look out, here comes my 2pennorth for what its worth.
If, as Bill seems to describe, you are looking for a single all-over colour then paint is probably your best bet and translucency is, I'm afraid, off the menu. I really hope someone tells me this is wrong because I love collecting new ideas and techniques!
If, on the other hand, you are just seeking a colourful addition to your turning then my suggestion is to use more than one colour, mixed, matched and applied in a variety of ways [don't let the different colours dry out between applications if you don't want 'demarcation' lines between them]. Mix colours by all means but overdoing always seems to result in a muddy colour... no idea why.
In conclusion then I believe you need a plainish timber, a collection of colours and..... far more importantly..... an open mind as to exactly what result you will land up with.
Hope that helps
Brian