but I need to see through it when I'm modeling and sometimes the pink area blocks my view of the drawing below. So is it possible to have it transparent while working on it? I also need to see the drawing and when I hit 4 the drawing disappears.
If you want to be able to see through it, as required by some tutorials, you can, once it is a finished face, go to shading/shade options/ and check the xray heading. That lets you see through a semi transparent version of your shape to what is underneath.