I have a couple of spools of Gudebrod #521 Silk R.W. White 002 00.

Will this be transparent if I use only Flexcoat lite build, no CP?

Any tips for wrapping with this?

Never used silk before.

I am building another ice fishing rod and it is camo and think transparent wraps would look cool.

See you on the water, Doug
Captain Paddlefoot

In a nutshell yes. the flex coat lite should be thin enough to saturate the thread well. work the finish up the guide foot to push any bubbles trapped in the tunnel out. you may even want to slightly thin the lite version for the first coat.
tension the spool not the thread itself. you don't need a ton of tension. you have the 00 size which is great. it makes size D look like rope but it will snap if you get it too tight.
also try not to burnish the silk too much or at all if you can. the burnishing tends to mash the thread and then for some reason it does not go as clear when you hit it with the finish.