Best would be to work from the sources in the 4.1 Flex SDK. That version of TLF has some performance work in it that really helps with long documents.
The way we build things is for each project textLayout_core, textLayout_conversion and textLayout_edit specify additional compiler arguments in the Flex Library Compiler panel of the project properties.
For textLayout_core
-locale en_US -include-namespaces library://ns.adobe.com/flashx/textLayout -load-config+=../../config.xml
For textLayout_conversion and textLayout_edit
-locale en_US -load-config+=../../config.xml
config.xml is in the same directory as the folders and looks like this
<flex-config xmlns="http://www.adobe.com/2006/flex-config">
<compiler>
<define>
<name>CONFIG::debug</name>
<value>false</value>
</define>
<define>
<name>CONFIG::release</name>
<value>true</value>
</define>
</compiler>
<!-- this may be redundant if its also set in the SDK. -->
<!-- some versions of the flex compilers may generate errors on multiple settings -->
<target-player>10.0.0</target-player>
</flex-config>
Hope that helps
Richard