It's not really for that - it's more of an emollient retexturizer and plumper for underneath your primers/foundation.
Have you tried Careblend powder? It's a tinted powder, not a setting powder technically, but it has that beautiful, melting into the skin quality. I usually wear it on its own, rather than over foundation, but then again, I don't wear foundation all the time. A little Careblend is usually all I need for a nice fresh finish (if I'm not using Elude, which is my HG BP so far - now that I've gotten some sun, Elude's going on vacation and it's back to Careblend in Light for my NC15 Spring face)