I haven't checked your c3p file yet, but my guess is the order of events is the problem. If I understand correctly, you want to player to pick Object2 (and use 50 opacity) if it is overlapping both.
Event sheets run from top to bottom, meaning that the easiest way to solve your problem is to do this:
Player is overlapping Object1 > Set Player Opacity to 10
Player is overlapping Object2 > Set Player Opacity to 50
Since Object2 is on the bottom, that means that if it is also run the same time as Object1, it will run last, meaning it would end with 50 opacity.
Or do you mean second option as in whatever the player collides with second?