Try the settings I first gave:
720×576 is non-square pixel material. Flash is always square pixel so if you need 480 wide Flash then the output should be 480×360 (480/1.33 = 360).
PAL is normally interlaced, so deinterlace for the output.
Try a less frequent keyframe setting – too many keyframes can hurt quality sometimes.
Make sure you are using the VP6 codec