I don't really see the advantage. Partly because you forgot to explain how this visualizer's features should look like(?). I had a closer look on Winamp and this is far from being a beat-visualizer. It's just a gain indicator. And that said you can set up a clip as I said before and set its timeline to be reactive to the whole audio stream (set the in and out points to include the whole spectrum of the stream).
Back to your question: writing an FFGL plugin for Avenue is difficult in any case. I don't have any clue regarding FFGL so I can't help. Still, doing this with an effect, you would have to rely on the presets that the author decides to include. With a rendered clip you got all possibilities.

Maybe you were talking about the spectrum analyzer on the far left of Winamp's GUI? If that's the case, sorry for talking about the wrong thing and still it is difficult to write a source effect that does the trick. On Mac it's pretty straight forward by using Quartz Composer. I don't know if you can do this with Flash.
hope that helps