Imagine you make a transmission hologram, ala the standard picture. Now you take your photographic plate, and everywhere it is transparent, you put a thin reflective layer on, and everywhere it is opaque, you make it transparent (more accurately, you create a plate with R' = 1-R, T' = 1-T at every point).
What happens when you shine the reconstruction beam at this plate? Does it produce a caustic at the location of the (surface of the) original imaged object? Suppose I wanted to use this in 3-D printing with some, initially transparent, photosetting plastic. What happens?