Not so long ago, I asked a question about tooltips on a flash object [webmasterworld.com...] Tedster replied linking me to something called the "Satay method", and this requires stripping the <embed> tag. This also allow you to embed elements in the <object> tag, and that would solve your problem. It is all explained in ted's link, but I tried it and gave up I'm afraid... after half an hour though ;)
We use this method in several places where people have wanted flash navigation and images. By using the noscript, the search engine spiders can still see links that you want them to follow.