Hi, I'm not sure there's a reason to set the Flash Player version for the SDK other than the mimimum version.
The Flash player version can be set on a project by project basis when using an IDE, an SDK compiled for 11.1 can be compiled into a project that uses 11.1 - 11.6. I'm not tested a SDK compiled for 11.0 or 10.3 or 10.2 can target 11.5 but not sure why you would want to do that. Knowing what Flash Player is required for other Flash features (workers, stage 3d etc) would be useful. Thanks, Justin