Thank you for your question.
If you want to distribute Macromedia Flash Player with your applications please follow the Macromedia Player Licensing process:
http://www.macromedia.com/support/shockwave/info/licensing/main_2.html The situation with the licensing is the same as when you use such projectors as swfkit etc.
Also keep in mind TFlashPlayerControl is able to load movies from streams even if you use already installed flash.ocx.