an alternative is, to copy the textfield into a BitmapData using BitmapData::draw and then creating a Bitmap containing the result, and adding that one to the display list, instead of the original TextField ...
this has the great advantage, that you don't need to embed the font, which reduces swf filesize ... OTOH, you will lose all of the TextField`'s interactivity, and the swf will need more RAM when playing, but the latter is not too significant ...
for the text to look smooth, set Bitmap::smoothing to true ... also, it helps, if you render your image at a higher resolution ... pseudo-anti-aliasing, so to speak ... when drawing the text, pass a Matrix scaled up by factor 2 and scale down the Bitmap by factor 2 ... that way it'll look better ...