I have never used any other compression tool than flash itself. I'm little convinced that there wont be much difference.
Goto File->Publish Settings->Flash(Tab)->Tick Compress Movie(under options). You could also set JPEG quality. It would also alter the size of movie at the cost of quality.
I suggest you to use a preloader(even for every image if you want), if graphics files are large.
Using PNG and JPG would make little difference because PNG files are large(except you compress it manually or set publish ing option in your editor) and are compressed when compiled. JPG are already compressed. But I really say flash support for PNG is better than others.
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