Today's liquid crystal shutter glasses, when in the "transparent" state, exhibit only 40% light transmission.
They work using two polarizer layers, one which is liquid crystal and goes {vertical <-> horizontal} under electronic control, and the other which is static horizontal. Thus, even when the polarizers are aligned, the total system is still a horizontal polarizer, which necessarily discards half the light, setting a theoretical upper bound of 50% transmission for unpolarized scenes.
However, a friend of a friend working at a commercial lab has offhandedly remarked that a liquid crystal shutter with > 90% transmission in the transparent state is now possible. Unfortunately, he is under NDA and cannot explain the technique.
Given that > 90% transmission is possible, how can this be achieved? What would be the layers in the stack-up, and which kinds of liquid crystals and/or polymers would be used? Try to stick to materials and techniques that today's manufacturers already use.