Probably, but it's just as easy to do it through events. Give your object two instance variables (I'll call them "goforit" and "fade" for the heck of it).
Now it's a little unclear exactly what you're looking for, but it sounds like you want to activate a fading loop/psuedo-flash once you click on an object. I also presume you want to turn the behavior off. By default, both values will be 0.
On Click, set "goforit" to 1. You'll use this as a toggle to active/deactivate the effect
From there, you'll just compare the state of the object and change the opacity accordingly.
Here is an image showing the events to make this in a very flexible way:
300 is the speed of the fade, the rest is state management.