Well, no, Color is considerd a color only, no alpha involved (besides Null value).
Anyway, pixels of images are always RGBA structs - all you need is there...
Usually, you use ImageBuffer to make alpha things.
You can however use ImageDraw as well. The trick is that Alpha() method returns you another draw; everything you draw into R channel will become alpha of final Image. A little bit dirty, but cheap to implement and quite easy to use.
(But keep in mind that ImageDraw is generally just cheap solution for simple problems...)