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You can, instead, create a new standard Flash document then go to the "publish settings" and select the AIR profile. This should convert the Flash doc to an AIR doc. You still may have to edit the the "AIR - Application and Installer Settings", though.
AIR update for Flash is not a dot release so we were unable to add the menu item to the File New dialog as it requires a binary change. It'll be added in the next version of Flash. Alex's steps are the workaround.