You can load the alpha channel from an external file (assuming it has the same width and height of current image) with:
ImageEnView1.IO.LoadFromFile('mainimage.jpg');
ImageEnView1.AlphaChannel.Read('alphachannel.jpg');
ImageEnVIew1.AlphaChannel.PixelFormat := ie8g;
ImageEnView1.Update();
Now areas with "0" in alphachannel.jpg are transparent.
If you want to fill transparent areas with a color (hence to discard alpha channel), you can execute:
// fill transparent areas with red (255,0,0)
ImageEnView1.SetAlphaRangePixelsColor(0, 0, CreateRGB(255, 0, 0));
ImageEnView1.RemoveAlphaChannel();
Hope this helps.