Flash Lite 4 is shipping with Incredible and EVO:
Flash 10.1 is not shipping until later in the year now, so Flash Lite 4 is best option for Flash. I have Flash Lite 3.1 on my Archos 5 (3430 chipset like Droid) and it plays a lot of content and games well at 600mhz- but only plays up to Flash 8 content.
Flash Lite 4 is more opitimzed and plays content at least to Flash 9 (apparently some 10 as well). The Droid with OC should perform at least as good as my N900, that has Flash 9.4, full version. N900 has same chipset and is OC'd at 800mhz. Flash Lite 4 is apparently more optimized than Flash 9.4 on the N900.