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there are no critical dependencies there, you can use 3.4 freely
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each SDK version has a recommended version of FP. For SDK 3.3 it's a 9.115 if I'm not mistaken. But there are no dependencies to them and it works fine on earlier versions.
There are special libs to use special version of FP for version 10.
So if you add playerglobal.swc from fameworks/libs/Player/10, users will need FP 10.
default target player for 3.4 is player 9, so it should work will all players (player 9 or above) without any issues.
target-player is used to specify the mimimum version of player required.
Flex SDK Team
If you use the framework RSLs (which you should in most cases since it will make your app download smaller) then you have a dependency. 3.4 should ship sometime this summer though.
Flex SDK Developer
Adobe Systems Inc.