I was just chatting with a group of other artists about the need to convert a color into transparency sometimes, and we've all needed such a function, then somebody said that in GIMP there's just a simple button for it, "Color to Alpha." It does exactly what we need and very easily. In Photshop this is possible but very cumbersome, having to use the channels to make a selection, then apply a mask.
Googling leads to 10 year old articles and people recommending plugins. But yeah, I'd just like to suggest this as an official feature request.
You know how in Photoshop you can use Replace Color? And you can pick a color, and vary the fuzziness of the selection, then change the color to something else? It would be just like that I imagine, but instead of changing the color, you increase the opacity of those pixels.