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Scott
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There's no automated way to set a color as transparent.

However, try Select > Color Range and choose "Yellows" from the drop down menu. You get some decent results. It's not perfect. But it's then a matter of adjusting levels on the mask a bit and correcting for the color halos, just general refining.

Simple quick mask created after color range selection.... (no refinement)

color range

Scott
  • 211.5k
  • 21
  • 297
  • 575