Putting it into WASM at least will deal with a lot of the potential issues that AS could have, simply because WASM doesn't have access to the outside world to attack anything.
As for RAM and CPU usage, there's not much that can likely be done. Better garbage collectors and other things like that might help but Flash itself was the cause of a lot of those problems.
If this was a full implementation it'd be something open source that could run flash files/movies, so it'd be a bit less proprietary. There still wouldn't be open source editors that could handle doing it all so it wouldn't be complete or even close as an ecosystem.
That said, all this could end up creating a good alternative for when all the browsers and adobe drop flash support in the next year (Firefox ESR is the only one I know of that's committed to supporting it until the end of 2020). A sane and safe migration path would be really useful for somewhere like newgrounds or archive.org to preserve internet history.
As for RAM and CPU usage, there's not much that can likely be done. Better garbage collectors and other things like that might help but Flash itself was the cause of a lot of those problems.
If this was a full implementation it'd be something open source that could run flash files/movies, so it'd be a bit less proprietary. There still wouldn't be open source editors that could handle doing it all so it wouldn't be complete or even close as an ecosystem.
That said, all this could end up creating a good alternative for when all the browsers and adobe drop flash support in the next year (Firefox ESR is the only one I know of that's committed to supporting it until the end of 2020). A sane and safe migration path would be really useful for somewhere like newgrounds or archive.org to preserve internet history.