I have a interest in your idea.
I also intended to develop the player that enable playback a flash movie with JMF 2.1.1.
But I can't because the JMF don't support flash version 3.0 or higher.
So I'm looking for another way....but I don't find it until now.......
If you know that, please reply me....
Wishing to do the same thing, I've explored this with Macromedia. It appears to be a licensing problem for the Flash 5 engine. Macromedia wants a commitment of several thousand dollars (like close to 6 figures) to license the engine for an application. That's for a single applicaiton, and not a generic toolkit like JMF. I assume Sun found the same thing and balked, understandably.