About material preview quality - you have this section called "material editor" in Corona render settings and there you have "Preview quality" spinner. It does that.
About the lampshade - translucency will be best visible when your geometry has no thickness. You have two parameters: translucency colour and fraction. Colour is the colour of light being transmitted by the material, fraction is the amount of light that you allow to be transmitted. Using low fraction values like 0,1-0,3 should probably give you good results if you are using a strong light source.