Illustrator :: Transparent Bits With Effects And Underlying Objects / Strokes

In the image above, the blue needs to be transparent. BUT the white strokes, white space around the example top left image,  and the drop shadow effects all still want to be there. (i.e. the blue areas should `punch through` everything to transparency). Whilst keeping the drop shadows rendered in these areas which will darken parts of the transparent areas. Make sense?
 
The purpose is to export the image as a .png with transparency where the colour should be, which is used in a seperate application which sets a background colour behind the .png image - this allows real time changing of the image colours to whatever we need rather than being stuck with the colour in the image
 
Attempts with the above though usually end up with me loosing the effects, or they dilute and look different when the blue is removed, or things don't layer up propperly.