I want to make a skinning engine capable of drawing custom-shaped windows with alpha blending. That is, it'll use layered windows (UpdateLayeredWindow). A typical window will contain among its background a couple dozens of other bitmaps ranging from 10×10 to, say, 300×150 pixels. In the worst case most of these elements will have smooth animation up to 30 fps. Everything will be alpha-blended and I am going to use Direct2D for this (yes, I know older Windows versions doesn't support it). In general, Winamp's modern skin engine is the closest example.
Given all this and taking in account modern PCs performance, can I just redraw the whole window every single frame or do I have to constrain to some sort of clip rectangle?