The "SendAs" is a valid Accessright according to the help (get-help Add-MailboxPermission -full).
However, when using the "SendAs" access right, I get the following error:
Setting the Send As permission for the mailbox doesn't work. Add the Send As permission using Add-ADPermission cmdlet.
+ CategoryInfo : InvalidOperation: (:) [Add-MailboxPermission], InvalidOperationException
+ FullyQualifiedErrorId : 78C9D0B3,Microsoft.Exchange.Management.RecipientTasks.AddMailboxPermission