Not sure exactly what you are after.
I just did a quick test with Flash CS3/AS3 and got loaded items to move around inside a mask (the base of a scroll box).
First I created a Mask layer then a new layer as a child of the mask. I added a new empty MovieClip to the Mask layer child. I named this MovieClip 'mcItems'.
I then attached the following frame script (of course using a Class would be preferable).
for (var i:Number=0; i < 3; ++i)
{
var loader:Loader = new Loader();
loader.load(new URLRequest('Content.swf'));
mcItems.addChild(loader);
loader.x = i * 120;
};
function update (event:Event)
{
mcItems.x = 120*Math.sin(getTimer()/500) - 60;
};
addEventListener(Event.ENTER_FRAME, update);
Now, Content.swf is just a 120x120 pixel gray box. My mask is 240x120. Upon execution the 3 Content.swf boxes are loaded and slide around inside the masked area as expected.
As for the scrollbar code, I am not sure what you mean by 'math hacks' but the basic principal is you are converting from one set of units to another. You are converting your "mask width / total items loaded with" units to your "scroll handle width / scroll bar width" units.
I recommend reviewing the appropriate manual pages for clarification of the code used above.
Regards,
Jotham.