Yes - you are right. While still highly pigmented, the Permaset Aqua Standard line has a transparency akin to a more traditional water-based ink. Supercover will remain opaque on both light and dark substrates. Here is a blog post with a good description of the difference between the two inks:
It’s an older image, so I can’t say for sure it’s at 100% strength. If I would have to guess, I’d say yes.
There is not ‘right’ or ‘normal’ dilution of print paste. If anything, most printers start with pure Standard inks, and will add print paste to achieve more transparency based on desired print results.
Supercover is unique due to its exceptional opacity. Because of this, printers generally do not use the SC print paste to ‘dilute’ the pigmentation or increase the transparency. Print paste in this case is used to ‘revive’ inks that have dried out over time or in use with pure pigments to create custom blends with Supercover base.