Toon Boom Studio had it and had a work sample file with a skateboarder and a guy flying on a giant paper airplane, don’t know if the Apply Peg Transformation can be used for it, but based on what the PDF says you’re better off just using a Shading Nodes if you’re gonna use a Apply Peg Transformation
Either use a Colour-Scale Module and Keyframe the Alpha…
Or use a Transparency Module and Keyframe the Transparency…