Yes, though these projects focused on “sidecar” JITs that would live alongside the legacy ActionScript VM inside the same Flash Player, not replacing the sacred Flash renderer.
A successful example was AVM2, the AS3 VM (open sourced in partnership with Mozilla as Tamarin [1]). Before AVM2, a team was evaluating whether the .NET JIT (or a cleanroom implementation developed in-house) was technically and legally an option.
Much later, long after I had left, I heard from friends still at Adobe that somehow JVM developers from Oracle had joined the Flash team in the mid-2010s and were eager to attempt yet another VM, based on their JVM experience. But by this time, Adobe no longer wanted to invest in modernizing the Flash platform when it could simply milk the cash cow.
I know Adobe will never open source the final Flash Player code (because of third-party code licenses and there’s nothing for Adobe to gain), but I wish they had at least open sourced their internal test suite so open source players could improve their Flash compatibility.
Apple throwing "port Flash Player and HW accelerate it" to an intern also tracks. Especially if this was early iPhone development where basically half the company was being press-ganged into giving Steve Jobs an iPhone demo that wouldn't crash on stage.
Everything you said about Adobe management also tracks. I'm reminded about Jobs' quote about Xerox being filled with copier-heads[1].
Also...
>second system effect
Are you telling me that there was a Flash Player equivalent of Mac OS Copland[2]'s development at some point?
[0] Said thread also revealed that Jobs felt snubbed from not being able to have Adobe's CEO on speed dial
[1] https://www.youtube.com/watch?v=b7aUJyJbJMw
[2] https://en.wikipedia.org/wiki/Copland_(operating_system)