If you use Raxx's script that I linked and you animate the transparency texture, you can do it. But I would use the 10 objects approach unless you want some clever effect that the script will allow.
Raxx's script can take some fiddling to get it setup right, try the tutorials, once you get it working its quite straight forward but you need to understand how it works so you can fix it when it doesn't.
It doesn't take so long.
Get tea.
Copy and paste the 10 objects and adjust the transparency of each one.
Add them to the scene and for the first one add visibility keys for each of 10 frames.
Edit the animator.an8 file to increase keys to 20, duplicate the keys for all 10 objects and adjust the visibility keys for the animation. (fade out / fade in)
Back in anim8or copy and paste the fade out/ in keys to make the completed scene.
Check tea hasn't gone cold.
But you could lose you project if you make a mistake so do it in a test project, then when you know it's correct import the scene into your live project. back it up first of course