Html Text property of the text class in flash actionscript will help you in acheiving this , here is the link for the document of text class , navigate to this link and read on HTMLTEXT property . Check for <li> tags and <textformat> tags in that reading .
Please provide the link. I don't think it made it into your post.
It is a good question. And I look forward to the answer. I struggled with this awhile ago. The default styling of <li> in htmlText is horrendous.
I believe there is a way to adjust the left margin of the lists with flash's limited css support... but the spacing between the bullet and the text is not adjustable.
margin-left is probably what you are after.