I was having difficulty with Flash text trying to do that Fast and the Furious type effect. When it would do the stop and drift bit, it would go all staggered and stoppy. The art director would never let it fly! So I found a fix. Flash is notoriously bad to deal with text at the best of times. It was the blur effect after all. I moved the text clip into a child clip and blurred the parent. In this version I have added skew and some cheesy sound effects. Actually they’re more than cheasy, they are loud and annoying. I’d recommend turning your volume down before clicking the link!
Download Source: Here (Written in Actionscript 2)
**UPDATE : I didn’t know this but Greensock have an easing function especially designed for this sort of thing, called “SlowMo.ease”. For more info visit: http://www.greensock.com/tweenlite/