Playing FLV video backwards and slow?

I managed to make a controller that can play embedded-video-SWF’s in “slow-motion” (1/2 speed, 1/4 speed) and in reverse at different speeds.

What I’d actually like to do, is something similar, but then with FLV’s. I am trying to use the NetStream.pause() as a toggle onEnterFrame, but that doesnt work. Using seek doesn’t seem to work either, because it kind of doesn’t like non-integers and also for an unknown reason keeps sending the playhead to 4 seconds. (Well, probably some bug of mine, and not the main issue here.)

My main question is if it should be possible to play an FLV at a different speed/reversed, how to do this, and if this should cause performance issues.
(Reverse-playing an SWF is much slower for example)