In prinicple yes. You can even make the little "Flash Applet" talk via Java Script to the underlying Notes Form, Page or xPage.
Having said this, some work needs to be done before this can be achieved. Partly we have been working on it as part of the SoapGateQ! and FlexGateQ! projects. We created a "View" class in FlexGateQ! that is running much more efficient than the available open source version.
Once we are ready we are planning to build a FlexView applet or component that will be able to talk to the Notes Form/Page/xPage via a defined interface.
But this will not happen before the end of the year.
Actually we had talks with OpenNTF.org to provide our current demo as a component, but I feel that as a replacement for the Lotus Java View Applet it is a bit premature.