Air 3.7 for Flex on mac

It sounds so simple and probably should be, but I just spend 3 hours trying to get the most basic setup running and I'm lost in the mess Adobe created. I followed a couple of tutorials and documents but none seem to be working.

All I want is to generate a Flex for mobile project with the latest Air 3.7 SDK.

• I tried steps to replace the airsdk that is now deeply hidden in flashbuilders eclipse folders. That only allowed me to create an actionscript for mobile project with 3.7, but not a Flex project.
• I tried to download the Air sdk that supposed to be for flex developers (http://airdownload.adobe.com/air/mac/download/latest/AdobeAIRSDK.tbz2). I overlayed these files into an existing Flex 4.6.0 folder. The result was that Flashbuilder didn't recognize the folder as a Flex SDK anymore.
  

I tried the latter step on a PC and it work so far that I can compile and debug flex for mobile apps on the ipad (with fast mode). Standard mode and export release build end in an never ending packaging process (1.5 hours now for a hello world app and still at 0%)

Any help would be much appreciated. Thank you