for positive integer $n$ use the notation $y^{[n]}$ to represent the $n$-th tetration of $y$, so $y^{[1]}=y$, $\, y^{[2]}= y^y$, $\,y^{[3]}=y^{y^y}$, and so on.
a few simulations suggest that on $(0,1]$ the sequence $y^{[n]}$ converges to a value $x$ which is the solution of the equation: $$\sqrt[x]{x} = y $$
the rationale for this solution procedure follows from the definition: $$ y^{[n+1]} = y^{y^{[n]}} $$ so for a fixed point: $$ x = y^x $$ i.e. $$ x^{\frac1x} = y $$ for an example, set $y=\frac12$. this gives, as an approximate solution $x = y^{[40]}=0.6411857445049887$ and: $$ x^{\frac1x} = 0.5000000000000047 $$
my question is really a request for ideas on how one might approach the task of formulating a rigorous treatment of a suspected convergence that is strongly indicated by computer simulation and by the existence of a fixed point. all helpful comments much appreciated
If $y^{y^{y^{y^{.^{.^.}}}}}$ is equal to $x$, then $y^x$ is equal to $x$, and therefore $y=\sqrt[x]x$. For a fixed point, simply solve for this. Obviously $1$ works. If you graph these, you can see it's the only solution.