How to convert a timeline animation to MC

AS3.0 CS4

I have a timeline animation with alpha and basic motion in a tween that is around 300 frames long.

I want to know if there is a way to take everything in this one timeline and convert it to movie clip to use in other projects.

I don't know what I'm doing wrong, but this is my process:
-unlocked all layers (there are no masks)
-selected all
-F8 --> MC (movie1_mc)
-pinned the library
-opened the new fla project
-dropped the (movie1_mc) on Layer 1 of the new fla and Ctrl+Enter'd
-nothing

Does the new fla timeline have to be 300 frames long? What if I add 5 more movieclips each with 300 frames?

I'd like to be able to have other users create their own timelines and then I'll compose everything at the end.

Thanks all for the help!

Clint