I'd say use an enter frame listener that will have an internal loop to call a main update function several times. Also you can play with stage.frameRate
property if you want to slow down your game pace. Or, you can make a "time delta" property that will be passed into main update function so everything will act as if not a whole frame, but only a part of it has passed, making a realtime global slo-mo effect.
A typical organization of it is as follows:
public var cyclesPerFrame:int;
addEventListener(Event.ENTER_FRAME,mainUpdate);
function mainUpdate(e:Event):void {
for (var i:int=cyclesPerFrame;i>0;i--) internalUpdate();
// it's the function that handles all your game ^
// if you need to update visuals regardless of pause, use this:
// updateVisuals();
}
This will make internal update several times per frame. Also this will allow you to set cyclesPerFrame
to zero, making an effective pause.