I have had several posts like this but I have not gotten down to the final answer so I put this image together to try and explain what I am trying to do. I AM SO CLOSE.
if
var InsideConent:Object = this.parent.parent as Object; //// GIVES ACCESS TO "Content.swf"
var ItWorksNow:Sprite = MovieClip(InsideConent.TWO.content).ChildInTWO; ///
ItWorksNow.x = 333; /// I can control property x
ItWorksNow.alpha = .3; /// I can control the ALPHA! :)