Can anyone tell me if it is possible to have the Component Status Details included in an Alert Action Email for an application alert?

Try "Status or Error Description":

${N=SwisEntity;M=ComponentAlert.StatusOrErrorDescription}

The easiest way to get what you want is to set the alert type to 'component'.  I then use the alert scope to be applicable to the 'application name' I am looking for.

Having the alert type set to component has all the component variables open to action editor UI (otherwise you have to craft it in SWQL).

The variables I use are:

Application Name: ${N=SwisEntity;M=Application.ApplicationAlert.ApplicationName}

Components with problem: ${N=SwisEntity;M=Application.ApplicationAlert.ComponentsWithProblems}

If your using scripts or anything with 'MultiValueMessage' use: ${N=SwisEntity;M=ComponentAlert.MultiValueMessages}

When I set the alert type to component, I was able to include  ${N=SwisEntity;M=ComponentAlert.ComponentMessage} which had the data I wanted. Unfortunately, the names of  all of the other the variables changed, but nothing that a little find and replace couldn't handle. Thanks for the help!

I couldn't afford to switch to Component monitor. I did SWQL query instead and it worked just fine for my purposes.

Something along these lines:

${N=SWQL;M=SELECT ca.MultiValueMessages
FROM Orion.APM.Application app
JOIN Orion.APM.ComponentAlert ca ON app.ApplicationID = ca.ApplicationID
WHERE app.ApplicationID = ${N=SwisEntity;M=ApplicationID}}