yes, here is the code to implement inline StyleSheet:
import flash.text.StyleSheet;
var myCSS = new StyleSheet();
var aHover:Object = new Object();
aHover.fontWeight = "bold";
aHover.textDecoration = "underline";
myCSS.setStyle("a:hover",aHover);
var aLink:Object = new Object();
aLink.fontWeight = "normal";
aLink.textDecoration = "none";
myCSS.setStyle("a:link",aLink);
// Assume TextField instance nameis myTxt;
myTxt.styleSheet = myCSS;