Quote: " Is there a way to set the camera's viewport where there are transparent portions "
Remember that you can make objects to appear only at certain cameras wih set object mask... Wouldn't that achieve what you want? Show only one object and the others shown as 'transparent' for that camera....
Quote: "Im trying to get that tracer effect that comes with turning off the backdrop"
I don't know if that will be as cool as you describe, but yes you can do this (I guess you want it just for one object) with an additional camera and set object mask. Turn of the backdrop for the additional camera and play around.
Oh eventually you'll need a screen quad object to output the render of the additional camera, won't you?
Good luck