[UPDATE] in the latest incubator release of the FlashPlayer 11,0,0,60 there is now a native FlashPlayer settings panel! YAY 😀
The issue reported in my last post is now fixed so well done Adobe for moving so quickly!
There were a lot of commenters who felt that this system is fairly unwieldy and perhaps the settings should run locally. I checked out Jira and there are actually 2 feature requests there already, the first being submitted by Linda Walsh just over a year ago, but sadly with no votes!
There were also several interesting comments with more workarounds, the most comprehensive one from Nate Chatellier who explains exactly how it works and what to do about it – thanks Nate, and everyone else that commented.