Compact Flash and Flash Encoded Video are not the same thing.
However if you have an Adobe Flash Player on a device that uses Compact Flash then it should be possible to play it back yes.
You will need to know a bit more about what version of Flash Video the player is before encoding as there are 3 types of Video CODECs and a couple of Audio CODECs that Adobe Flash uses for Video.
For instant answers to more than one hundred common FCP questions, check out the LAFCPUG FAQ Wiki here : [www.lafcpug.org]