Keep working!
Its fun; its OK.
My sympathies for the lag. I usually find the same problem. Every time I ask someone about it, they tell me different answers- some, sometimes work, but the truth is that Flash is not well designed to avoid that, in my oppinion.
Sometimes changing from Event to Stream helps; sometimes inserting blank sound files into key places helps. Search the forums and tuts to find the answers; it is critical to music videos like this and would improve this SO much. Sadly, the lag does rather spoil it :(
Regarding the funding, you won't get any money if you don't set up a means to recieve it, but really, provided you credit everybody, it is reasonable for you to accept the tiny ammount you might get for it- you can always give it to charity.
The next step up in improving this video would be full lip sync, which is hard work.
Best of luck with your studies, you have made a good start