Here's a zipped up proof of concept that includes source that you can muck around with, the "Pinball Racers" link in my sig is the finished product.

http://esl.eng.ohio-state.edu/~rac/kartsrc.zip

The catch is that it's AS3/F9. You should be able to pull it off with F8 using basically the same principle: scanline by scanline rasterization using affine bitmapFills (F8 has bitmaps and graphics.beginBitmapFill, right?). Check out Viewport.redraw to see the math behind it and judge for yourself if you can emulate it in F8.

On another note, Flash 10 could render this style of game at extremely(!) high frame rates. A higher performance version of PBR's renderer, implemented in Flash 10, is on my todo list.