надо найти, где во втором коде присваивается volume стриму и перенести это в первый:

Код AS3:
var myVideo:Video = new Video();
myVideo.height = 537.6;
myVideo.width = 720.6;
addChild(myVideo);
var netConnection:NetConnection = new NetConnection();
netConnection.connect(null);
var myStream:NetStream = new NetStream(netConnection);
myStream.play("1.mp4");
var transform:SoundTransform = myStream.soundTransform;
transform.volume = 0;
myStream.soundTransform = transform;
myStream.addEventListener(AsyncErrorEvent.ASYNC_ERROR, function (event:AsyncErrorEvent):void {});
myStream.addEventListener(NetStatusEvent.NET_STATUS, goAgain);
myVideo.attachNetStream(myStream);
function goAgain (event:NetStatusEvent): void
{
if(event.info.code == "NetStream.Play.Stop")
myStream.seek(0);
}