On my system, according to tests, and also as reported by other people elsewhere, you can combine TRANSLIT and IGNORE only by appending
//IGNORE//TRANSLIT
strictly in that order, but NOT by appending //TRANSLIT//IGNORE, which would lead to //IGNORE being ignored ( :) ).
Anyway, it's hard to understand how one could devise a system of passing options that does not allow to couple both options in a neat manner, and also to understand why the default behaviour should be the less useful and most dangerous one (throwing away most of your data at the first unexpected character). Software design FAIL :-/
