Please see github for technical detailed.

On a more personal note, I tried a bunch of different stuff out to get this to work! I first used a VLC library to draw the video inside a panel with little success. I also tried creating a new form and using the AXWMPlib in hopes to embed the form inside a panel somehow (with little success as well). I then used the WMPlib to open a separate window and play the video, which worked, but was out of sync and not very configurable.

Finally, I found that using a MPV IPC server to be the best solution. I think the ability to keep the window ontop is well worth the hacky way of having two disjoint windows open.