i wrote a recipe last year for exactly what you're looking for. i do not guarantee that's it's as refactored or efficient as it could be, but it works really well. change it up as much as you like. i post the code hear for anyone to freely use.
however, the photograph and loupe asset i do not permit anyone to use without prior request, please.

the class lets you alter your own magnification strength, even at runtime if you want. you can use your own loupe graphic, but one is also included in the source files (please ask me first if you want to use it in your project).
Description:
Magnifier: Creating A Customizable
Magnifier For Image Assets
The following code demonstrates the
solution for creating a customizable
magnifier for image assets using the
Magnifier class.
The Magnifier constructor receives 6
parameters. The first
loupeDisplayObject:DisplayObject
required parameter is a reference to a
display object that is used as the
virtual loupe. In order for the class
to function properly, the
loupeDisplayObject:DisplayObject must
contain a circular or elliptically
shaped void or alpha transparency at
its center.
The second imageURL:String required
parameter supplies the URLLoader’s
load function’s URLRequest with the
URL of the target image asset. The
image provides BitmapData for both
thumbSprite:Sprite and
magnificationSprite:Sprite objects,
which are scaled using the third
thumbScale:Number and fourth
magnificationScale:Number optional
parameters. The scale of the
thumbSprite:Sprite is exhibited on
stage, while the scale of the
magnificationSprite:Sprite is visible
during magnification.
The Magnifier class operates by
employing mouse events to toggle the
visibility of a virtual loupe over an
image asset. A maskSprite:Sprite
ellipse, both indexed below and based
on the size of the
loupeDisplayObject:DisplayObject, is
created to mask the
magnificationSprite:Sprite. However,
the fifth maskWidth:Number and sixth
maskHeight:Number optional parameters
can be set to manually size a
maskSprite:Sprite that is more
suitable for a
loupeDisplayObject:DisplayObject with
a complex shape.
Calling the public deallocate()
function of the Magnifier instance
prior to its nullification will mark
it as being available for garbage
collection.
Class FIle:
package
{
import flash.display.Sprite;
import flash.display.DisplayObject;
import flash.display.Loader;
import flash.display.BitmapData;
import flash.display.Bitmap;
import flash.events.MouseEvent;
import flash.events.Event;
import flash.events.IOErrorEvent;
import flash.geom.Matrix;
import flash.net.URLRequest;
import flash.ui.Mouse;
import fl.transitions.Tween;
import fl.transitions.TweenEvent;
import fl.transitions.easing.Regular;
public class Magnifier extends Sprite
{
//Class Variables
private var loupeDisplayObject:DisplayObject;
private var imageWidth:Number;
private var imageHeight:Number;
private var thumbScale:Number;
private var magnificationScale:Number;
private var maskWidth:Number;
private var maskHeight:Number;
private var imageBitmapData:BitmapData;
private var maskSprite:Sprite;
private var magnificationSprite:Sprite;
private var thumbSprite:Sprite;
private var loupeTween:Tween;
private var magnificationTween:Tween;
//Constructor
public function Magnifier (
loupeDisplayObject:DisplayObject,
imageURL:String,
thumbScale:Number = 0.5,
magnificationScale:Number = 1.0,
maskWidth:Number = NaN,
maskHeight:Number = NaN
)
{
this.loupeDisplayObject = loupeDisplayObject;
this.thumbScale = Math.max(0.1, Math.min(thumbScale, 1.0));
this.magnificationScale = Math.max(0.1, magnificationScale);
this.maskWidth = maskWidth;
this.maskHeight = maskHeight;
init(imageURL);
}
//Load And Handle Image
private function init(imageURL:String):void
{
var imageLoader:Loader = new Loader();
imageLoader.contentLoaderInfo.addEventListener(IOErrorEvent.IO_ERROR, errorHandler);
imageLoader.contentLoaderInfo.addEventListener(Event.COMPLETE, imageHandler);
imageLoader.load(new URLRequest(imageURL));
}
private function errorHandler(evt:IOErrorEvent):void
{
throw(evt.text);
}
private function imageHandler(evt:Event):void
{
evt.target.removeEventListener(IOErrorEvent.IO_ERROR, errorHandler);
evt.target.removeEventListener(Event.COMPLETE, imageHandler);
imageWidth = evt.target.content.width;
imageHeight = evt.target.content.height;
imageBitmapData = new BitmapData(imageWidth, imageHeight);
imageBitmapData.draw(evt.target.content);
createComponents();
}
//Create Components
private function createComponents():void
{
//Loupe Visibility
loupeDisplayObject.alpha = 0;
//Mask
if (isNaN(maskWidth)) maskWidth = loupeDisplayObject.width;
if (isNaN(maskHeight)) maskHeight = loupeDisplayObject.height;
maskSprite = new Sprite();
maskSprite.graphics.beginFill(0x00FF00, 0.5);
maskSprite.graphics.drawEllipse(0, 0, maskWidth, maskHeight);
maskSprite.graphics.endFill();
maskSprite.mouseEnabled = false;
//Magnification
magnificationSprite = scaleImage(new Matrix(magnificationScale, 0, 0, magnificationScale));
magnificationSprite.mouseEnabled = false;
magnificationSprite.alpha = 0;
magnificationSprite.mask = maskSprite;
//Thumb
thumbSprite = scaleImage(new Matrix(thumbScale, 0, 0, thumbScale));
thumbSprite.addEventListener(MouseEvent.MOUSE_DOWN, mouseDownHandler);
//Add Components To The Display List
addChild(thumbSprite);
addChild(magnificationSprite);
addChild(maskSprite);
addChild(loupeDisplayObject);
}
private function scaleImage(matrix:Matrix):Sprite
{
var scaledResult:Sprite = new Sprite();
scaledResult.graphics.beginBitmapFill(imageBitmapData, matrix, false, true);
scaledResult.graphics.drawRect(0, 0, imageWidth * matrix.a, imageHeight * matrix.d);
scaledResult.graphics.endFill();
return scaledResult;
}
//Mouse Event Handlers
private function mouseDownHandler(evt:MouseEvent):void
{
thumbSprite.addEventListener(MouseEvent.MOUSE_MOVE, mouseMoveHandler);
thumbSprite.addEventListener(MouseEvent.MOUSE_OUT, mouseOutHandler);
stage.addEventListener(MouseEvent.MOUSE_UP, mouseUpHandler);
mouseMoveHandler(evt);
setLoupeAsVisible(true);
}
private function mouseMoveHandler(evt:MouseEvent):void
{
loupeDisplayObject.x = evt.localX - loupeDisplayObject.width / 2;
loupeDisplayObject.y = evt.localY - loupeDisplayObject.height / 2;
maskSprite.x = evt.localX - maskSprite.width / 2;
maskSprite.y = evt.localY - maskSprite.height / 2;
magnificationSprite.x = 0 - evt.localX / thumbSprite.width * (magnificationSprite.width - thumbSprite.width);
magnificationSprite.y = 0 - evt.localY / thumbSprite.height * (magnificationSprite.height - thumbSprite.height);
}
private function mouseOutHandler(evt:MouseEvent):void
{
thumbSprite.addEventListener(MouseEvent.MOUSE_OVER, mouseOverHandler);
setLoupeAsVisible(false);
}
private function mouseOverHandler(evt:MouseEvent):void
{
thumbSprite.removeEventListener(MouseEvent.MOUSE_OVER, mouseOverHandler);
setLoupeAsVisible(true);
}
private function mouseUpHandler(evt:MouseEvent):void
{
if (thumbSprite.hasEventListener(MouseEvent.MOUSE_OVER)) thumbSprite.removeEventListener(MouseEvent.MOUSE_OVER, mouseOverHandler);
thumbSprite.removeEventListener(MouseEvent.MOUSE_MOVE, mouseMoveHandler);
thumbSprite.removeEventListener(MouseEvent.MOUSE_OUT, mouseOutHandler);
stage.removeEventListener(MouseEvent.MOUSE_UP, mouseUpHandler);
setLoupeAsVisible(false);
}
//Loupe Tween And Visibility
private function setLoupeAsVisible(response:Boolean):void
{
var targetAlpha:Number;
if (response)
{
targetAlpha = 1.0;
Mouse.hide();
}
else
{
targetAlpha = 0.0;
Mouse.show();
}
loupeTween = new Tween(loupeDisplayObject, "alpha", Regular.easeIn, loupeDisplayObject.alpha, targetAlpha, 0.25, true);
magnificationTween = new Tween(magnificationSprite, "alpha", Regular.easeIn, magnificationSprite.alpha, targetAlpha, 0.25, true);
}
//Clean Up
public function deallocate():void
{
thumbSprite.removeEventListener(MouseEvent.MOUSE_DOWN, mouseDownHandler);
}
}
}