The e.target.name returns you the name of your button, as you've observed that already. But your button is not in "this". It is in this.manyButtons. You have to provide the full path. So the solution is:
this.manyButtons[e.target.name].alpha = .5;
...assuming that the buttons are children of the manyButtons display object.
Btw, a better approach would be simply this:
MovieClip(e.target).alpha = .5
EDIT: if you are coming from AS2 -> remember the scope does not change in listener anymore. In case you wrote something like this before, forget it:
this.manyButtons.onRelease = function() {
trace(this); //this changed the scope to the manyButtons object!
}
this
does not change anymore in as3. It always refers to the object it is declared in!