Thanks a lot for the comments.
I had actually tried doing performance improvements for my game. And I had already tried all the methods you had suggested. Out of that, the third method really bombed badly ( although I thought that would be the best option). “setInterval()” brought the running framerate from 33 to 15 :-(
I agree that the game is quite heavy and was quite challenging to do performance improvement as there were quite a lot of moving objects in this game for a Flash game ( backgrounds, bees, hornets, spiders, webs etc ). But I had tuned it to work well at 35 fps. As i said above, the game seems to be working pretty well in the other websites. You can even see the game in newgrounds.com. Here is the link . The game is working fine.
So is there any specific problem or a fix that we can do for the kongregate version to improve its performance??