I hear complaints about not being able to hide wings, and some people have wanted to hide accessories in vanity slots. And personally, I'm still disappointed about not having the option to go shirtless in Terraria (my character is a girl, please don't judge me).
Bam, invisible dye. This is a unique dye in that what's supposed to be dyed instead becomes invisible. That means that wearing it in clothing slots replaces your clothing sprite with a new sprite of underwear. Yes, girls will keep their lingerie on, stop asking. The color of the underwear depends on character creation, and of course can be changed at a dresser. It changes helmet sprites into the Familiar Wig, if you can't be assed buying one. But if you try to use Invisible Dye with the Familiar Wig, you can appear bald.
You WILL be able to hide wings with this item. (I'd like to propose that cape animations change while flying.) You can also hide any accessory in the vanity slot, handy if you're like me and you alternate between the Ankh Shield and an Emblem but the Shield isn't part of your costume.
The drawback is that the dye plant for Invisible Dye will probably be insanely hard to find.
Thoughts?