Dynamic appearance

Hey all. This is a best practices question… I have a fellow coder who has implemented a dynamic appearance model for our little eLearning app. All of our graphical assets are dumped into the library of an external swf, which is loaded so that the graphics can be grabbed by bits and pieces throughout the main app at runtime. The way that she did it involves loading the swf (via MovieClipLoader) every time an asset needs to be pulled from it, instead of loading it once and pulling everything from that instance. My instinct tells me that this is bad, but is it really? I assume that the browser will cache it, but does Flash know that it already has that clip, or is it going to load a complete copy of that swf into RAM every time? Any thoughts?

-Mike