How I belive GameFreak decided o0n the original Mew Design:
Head of Sprite Design or Whatever: Ok guys, we have to make a genetic Pokemon. How should we design it? Employee: ..We should make it look like a human embryo. Head of Sprite Design or Whatever: F**KING, GENIUS, BOB.
And then they realized what a horrible monster they had created and fixed it. The end.
I must say I prefer this design, it looks more like an embryo than the definitive design, and you rendered that very well with this translucence effect. Have you tried applying it to other hues? How well does it work?