Really a dumb “workaround”, and I'm sure it will be reduced, but since flash.text.TextField inherits flash.display.DisplayObject, you can use built-in filters like flash.filters.Blur to blur the text in half horizontally and verticals.
This will consume a bit more CPU.
EDIT: After working a bit with CS4, I found a great way to do this without the extra CPU overhead! The result will look exactly like "static text". I believe the same will work under CS3, as I recall a similar option.
While the text is selected, in the properties select "Anti-alias" and select "Custom anti-alias". Set the thickness to 100 and the sharpness to 0. This did the trick for me!
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