https://github.com/mozilla/shumway/blob/master/src/avm2/comp...
I've worked a lot with Flash bytecode and contributed to Shumway a long time ago, so if you have any more questions, let me know!
RABCDAsm author here. Curious about the same, I've always thought the project might be useful to VM implementers. Also wondering if you've had trouble with obfuscators that employ control flow obfuscation, and create unreachable basic blocks with junk code.
Oh, I've seen much worse. The AS1 VM actually treats the entire SWF file (after decompression) as an AS program. That means it's possible to jump outside of the bytecode tag and into e.g. the metadata of a JPEG file.
(This is something that is still not fixed in Gnash, so Shumway is certainly farther along.)
Shumway falls back on an interpreter if the control flow is not reducible.