Edit 2: judging on the lack of replies I start wondering if my issue is clear enough. Please tell me if I need to elaborate more.
Notice: see bottom for a co
You may want to see if you can blit all of the pieces together into a flattend Bitmaps as you go. Draw all of the layers and then use BitmapData's draw method to combine them into a single Bitmap.
Even with cacheAsBitmap on for all of the pieces Flash is still having to combine all of those pieces every frame.