Thank you, it's somewhat inconvenient that this functionality isn't built into AFNI, but it's easy enough to composite in imagmagick. Here's an example of compositing two axial slices:
# generate a black background
3dcalc -a anat.nii -expr 0 -prefix black_background.nii
# generate an image of the first functional layer (see AFNI driver README for more options)
afni -com "SWITCH_ANATOMY anat.nii" -com "SWITCH_OVERLAY layer1.nii" -com "SET_XHAIRS OFF" -com "SAVE_PNG axialimage layer1.png"
# generate an image of the second functional layer on a black background
afni -com "SWITCH_ANATOMY black_background.nii" -com "SWITCH_OVERLAY layer2.nii" -com "SET_XHAIRS OFF" -com "SAVE_PNG axialimage layer2.png"
# make the black (actually, #050505) background transparent
convert layer2.png -transparent '#050505' layer2.png
# generate the composite image
composite layer2.png layer1.png composite_image.png