I don't believe that has anything to do with focus. A form can still be 50% opaque and focused, or 50% and not focused.
The behavior that I want is just that of the floating tool windows in Paint.NET, such as the color palette for example, and that is:
a) both appear focused (their title bars are of "foreground" color)
clicks can occur directly on either window with no visual change
c) window ordering does not change (because they are floating)
and also ideally d) no Activated/Deactivated events are fired unless an external window is activated.
For example, tool tips only appear on focused windows. I would like tool tips to be able to appear for both the main window and the floating window in my application.
I will investigate the PdnBaseForm class at some point, though I am busy with other things at the moment.