Use the map
function:
var array = [{"id":"5","name":"Immidiate"},
{"id":"4","name":"30 days"},
{"id":"3","name":"21 days"},
{"id":"2","name":"14 days"},
{"id":"1","name":"7 days"},
{"id":"6","name":"Custom"}];
var resultArray = array.map(function(elm) {
return { Name: elm[widget.seriesname], Data: elm[widget.dataname]};
});