Lot's of PNG's with effects (i.e. blurs, glows, shadows, etc) baked into them will almost always outperform lot's of vector objects with the same effects applied via code. If you can't use PNG's then you can always take advantage of a little trick... BitmapData.applyFilter()! This method is awesome and I've managed to find significant performance increases under the very same circumstances you describe. Instead of using vector graphics I'll take a bitmap snapshot of the vector object like so:
var vectorGraphic:MovieClip = someVectorObectThatNeedsFiltersAppliedToIt;
var bmd:BitmapData = new BitmapData(vectorGraphic.width, vectorGraphic.height, true, 0x000000);
var glow:GlowFilter = new GlowFilter(0x00ffff, 1, 4, 4, 2, 1, false, false);
bmd.draw(vectorGraphic, null, null, null, null, true);
bmd.applyFilter(bmd, new Rectangle(0, 0, bmd.width, bmd.height), new Point(0, 0), glow);
var bmp:Bitmap = new Bitmap(bmd, 'never', true);
Good luck!