I've done it before, but it's not something I do very often. My tool of choice is Flashbook
. It creates a stand-alone app, supports sizes up to all of Flash, and supports compression, too.
For anyone interested in lojban, I created a version of the reference guide. It's attached to this post. (Warning: it comes in at about 600KB, as I recall, probably making it 83+SE/84+SE only)