setInterval() and clearInterval() are much more elegant than this method. set interval is independent of the timeline and is actually based on time rather than the framerate. 
ie...
//first we set a variable that will be the max number of seconds to wait before the timer is does it's thing

var maxNum:Number = 10;
function myDelay(){
//i will be the counter. When i is equal to or greater than 10 your actions will execute.

i=-1;
if(++i=>maxNum){
//clear the startTimer to stop the loop
clearInterval(startTimer)
//run your actions.
}
}

//start timer will run once every second (1000) 
startTimer = setInterval(this,"myDelay()",1000)