This is super old, but I stumbled upon it while Googling and for posterity sake, wanted to add this.
The best and preferred way is to set the backgroundElements property of the chart. Here's an example:
<fx:Array id="backgroundChartElements">
<mx:GridLines>
<mx:horizontalFill>
<s:SolidColor color="0x000000" alpha="1" />
</mx:horizontalFill>
<mx:horizontalAlternateFill>
<s:SolidColor color="0x000000" alpha=".5" />
</mx:horizontalAlternateFill>
</mx:GridLines>
</fx:Array>
<mx:LineChart backgroundElements="{backgroundChartElements}" ... />
See this document for more information on messing with the background and grid lines