Oh and if you take the mercator projection approach:
Here is the formula derived to actionscript.
Actionscript Mercator Projection

var lattitudeAngle:Number = 0.8 * Math.log(Math.tan((Math.PI / 4) +
0.5 * (pointLat*toRadians)));

I got this formula from a great Java Map library:
http://www.jhlabs.com/java/maps/proj/

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