Drawing and animating a ribbon

I seek your Help mates,

I have to create an animation and i really don’t know how to tackle this:

the basic storyboard is a kind of red ribbon slowly stretching to draw a “coca-cola” like B letter. While stretching, at some point the ribbon’s tail fades away, until the complete ribbon disappears, and with it, so would the drawn B letter.

any idea how to make that ? i would like to script that in AS , but as far as my flash 5 skill allow me to see, i have no idea how to script this animation.

attached is a tryout, using both tweening guides and duplicate movieclip + duplicatemovieclip of a mask. THis gives the processor a hard time