ActionScript 2.0 :: Versus Timeline For Full Flash Website?

I have a question on Flash structure "best practices". I am wondering which is the best way to go about designing a full website in Flash.I have seen the tutorials provided by Kirupa and others, but nothing answers the question I have. My question is this: How do I combine what I can do in actionscript and use the Flash timeline also? Or should I even try to combine both?

Ideally, I know we should use actionscript to design Flash pages, using CreateEmptyMovieClip, etc. That way the pages are truly dynamic using external images and xml files, and the entire Flash movie is only 4-5 keyframes. However, I cannot accomplish all the tasks in actionscript.I can do many things using Actionscript, write functions, tweens, filters, etc. But obviously I cannot do everything. Many things I want to do are easier using the Flash timeline. For example, a navigation bar which slides in from the outside once the entire page loads. I know the AS to make the nav bar slide in and out, but I cannot use AS to draw the nav bar in the way I want it (two layers of buttons with a line in the middle).

What is the best way to go about designing a site in this manner? Should I use the first few keyframes for the things I can do in AS, such as loading global variables, loading external data, etc. Then use regular Flash animation tools (keyframes & timelines) for the rest?