Have you looked at my post on this at: http://chrisgriffith.wordpress.com/2011/09/07/updating-old-flash-catalyst-projects/? You still might run into trouble with some odd elements. But the good news is you can have both Flash Catalyst 1.0 and Flash Catalyst CS5.5 installed at the same time.
Thanks for the link. I came across loads of errors with reduntant componants and files created in catalyst cs5 that I have fixed but there is one issue I can't resolve.
It wont let me export as a flash catalyst project because of 2 warnings/errorssrc\Main.mxml (994): Unexpected child: "swfcontroller1". Expected a compatible visual component.
src\Main.mxml (994): This tag may not have an ID.
Line 994 is<fclib:SWFController height="602" id="swfcontroller1" includeIn="intro" loadForCompatibility="true" source="assets/images/waterdrops2.swf" d:userLabel="SWF Asset" width="801" x="0" y="0"/>
Luckily, the fix is fairly simple. In Flash Catalyst 1.0, SWF content was displayed using the <fclib:SWFController> tag. This component is no longer supported in the new version of the SDK. So, instead we need to use the <s:MovieClipSWFLoader> tag. I would recommend adding an id attribute (which may not be present in the <fclib> version. The rest of the attributes should be identical.
Looked back at the project after finding a long workaround as posted here http://forums.adobe.com/thread/913076?tstart=0 and that was exactly the solution so thank you.
I'm still struggling to work out why the run_local version appears blank now but the web version works perfectly. They both worked fine in version 1.
I think the run_local swf file is showing as blank because I changed all my pdf links from http to relative in builder. This might have something to do with flashes trust/security issues. The html file runs perfectly and is using the swf file.
Is there a way round this problem as I need this project to run from a CD and/or usb stick?