Hi there. I guess the time has come...
Well, what you want to do is go to the Publish settings. Over there is "quality control" for both your audio and visual compression quality. If you don't care about download time, you can pimp them both out as far as you are able (Flash isn't meant for "perfect" quality).
Here's a couple of screen shots. Whether it's and event or stream depends on what you choose. I think choosing "raw" is better than mp3, but I'm not really sure. I'd listen to both and see what you think...