It's my experience that Action Replays don't work with flash cards, or at least don't work well.
I don't have your perticulatar flash card nor your version of AR, but my earlier Ar and my XG Flash 128 card work ok together (at times), my XG flash turbo card stops showing the cursor showing what you're selecting in the root menu (making it hard to choose) and my EZ flash card hates it completely. Also, on top of all that, my AR doesn't even load up %90 of the time for ANY of the cards. Instead I get the GameBoy Logo minus the Nintendo part underneath (usually the screen you'd get if you turned on the GBA without a game cart inserted).
As for saves, most cards support that but it's mostly software driven. If you can't find it in your loading program (which I'm not familiar with) then you probably can't do it. I know that the EZ flash card can do that though.