If audio in the video is not part of the stimulus requirement, I would recommend playing the video directly from LV. Depending on how the video was encoded, it may or may not play without modification or re-encoding.
If you have to pick between WMP and VLC, VLC has an extensive API that can be tied into, to control the player. The only thing I have found not working is when trying to embed the player in an ActiveX control. For some time now, that has been broken, if it ever worked at all (I think it did).
