ActionScript 2.0 :: CS3 Remove Element From Array?

I have an array used to track shots fired from a cannon, and when they hit the ground they are removed.

I would like to know what is the most efficient way of finding and removing a certain element from an array. I heard that using pop() instead of splice() was faster, is it ?

Also, the big question I have is that the only way I see of actually finding the element in the array is using

Code:
for(i=0;i<array.length;i++){
if(array[i] == movieClipToRemove){
//i == movieClip index in the array
}
}

Then I would use either splice() or pop() to remove it from the array before deleting the MC. Is there a better way than scanning through the whole array comparing each element to the triggering MC ?