I took some time to get familar with AIR development on the Blackberry Playbook. Overall it was pretty easy to get started but I did run into a few hurdles that I had to overcome to get the SDK and Simulator installed on Windows 7 64-Bit.
In order to get the Blackberry tablet SDK and Simulator installed on Windows 7 64-Bit you must modify the installer to use a 32-bit Java installation. Luckily the support forums for AIR on Playbook is actually really good, you can see the installation tip here: Windows 7 64-bit Installation Workaround.
Debug Launch Configurations
The other issue I had was getting the Debug Launch Configurations to show up. Turns out after you install the SDK you need to run Flash Builder as and Administrator for the first time. This will complete the installation and the debug configurations displayed correctly.