Yep - sorta - lots of clear with just a little color will get you the 'candy' or translucent look BUT some colors work better than others. It seems to me that it depends on how large the particles of powder paint actually are..... tried it with my Green Chart. paint and the end result just looked speckled instead of an even look. Using my Flame Red turned out better, but if you look close you can still see the specks of red paint floating in the clear.
All that said, honestly don't think you can match the candy colors all that well by mixing standard powder with clear. Better off to buy the good stuff IMO that has the powder colors ground extremely fine. I have several of the candy and translucent colors now and still a few more i wouldn't mind getting.