Design-wise this just sounds like a bad idea. You'd be running multiple instances of the Flash player inside a browser, each of which has an individual cost, and the host (in this case the browser) will run all of them on the same thread (with the exception of certain elective asynchronous processes), so you're almost surely going to run into problems of various kinds -- jittery playback, UI blocking, processor burden, memory bloat, consequent instability of the host, etc.
Unless the SWFs are very tiny, and doing very little work, it seems like a design that's just asking for trouble. Indeed you could test such a thing fairly easily; have you run any tests yet? Just curious.
Also curious as to the requirements; we might be able to offer more constructive alternatives if we knew a little more about what you were aiming for. Have you considered simply loading all the SWFs into a single container SWF requiring only a single browser-hosted instance of the Flash player?