once you place an item above another element or iframe that item (flash in this case) will be the topmost element and will always be the element that is clicked...
although, how about a mix of overflows and positioning...
- target the iframe and give it relative positioning...
- put div inside iframe with very small width and height high z-index as well and absolute positioning...
- put the flash in the div which is inside the iframe...
- make sure the div which wraps the flash object is overflow:visible...
that may make the rest of the iframe click-able
that is off the top of my head, may work don't know...
let me know if that works...