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the only easy way to do this is embed the video in your timeline. i'm not sure you can embed an mp4 but try it: file/import/import video and see if the subsequent dialogue will let you embed the mp4 in a timeline.
if that doesn't work, you can convert your mp4 to a swf and control its play (but looking smooth and natural may or may not be possible) or convert to an flv and embed that in a timeline.
I see I kinda figured that out since I found you can't embed mp4 in the timeline but wanted to make sure, so I am on the urge of converting it to a flv and embedding it in the timeline, if then I go into the actionscript and add the needed scripting on frame 1, that would do it? I am very new with flash and haven't really worked with this before.
you can control the frame rate of any timeline. whether you'll achieve what you consider smooth and natural control depends on your demands.