not to my knowledge. animations just play forwards or backwards. you can also freeze/force frame ranges.
you can control the opacity/visibility of the object that the animation is linked to, but it only works if the animation is assigned as the default animation in the properties tab of the scene object. if you were to manually play an animation with the play animation action part, then it wouldn't technically be linked to the scene object, thus you can't adjust the opacity of it.
P.S: you could always create additional animations frames that have different opacity values, though it wouldn't be the best thing in terms of game optimization.