Like OP said it is not possible automatically with SHOW_ALL, but you can do it manually (here it's not exactly as SHOW_ALL: I'm only fitting content to window height, so it works for a window aspect ratio equal or wider than the content ratio, else content will be cropped):
newWindow.addEventListener(Event.RESIZE, onResize);
function onResize(e:Event):void
{
content.height = newWindow.stage.stageHeight; // fit to height
content.scaleX = content.scaleY; // keep width ratio
// Extra: equivalent of StageAlign.TOP => centers horizontally
// (assuming a content registration point at top-left)
var contentRatio = 4/3; // in case content is wider than necessary, e.g. wide background
content.x = newWindow.stage.stageWidth/2 - (content.height * contentRatio )/2;
}