The Macromedia Central SDK will ship with a debug panel that runs within Flash (MX and 2004). We will also release a debug application that runs within Central, and can give richer information.
Last night, I put together a simple windows app that wraps the Central Debug Panel. It puts it in its own window, and allows you to set that window to always be on top. So, my question is, is this something that you would find useful? If so, I can release the code for it once Central ships.
You can see a screen shot of it here (png).
Also, if I do release it, I will need a good name for it. Post any suggestions in comments section.