"The FLVPlayback class wraps the VideoPlayer class and Macromedia strongly encourages you to use the FLVPlayback class in almost all cases. There is no functionality in the VideoPlayer class that cannot be accessed using the FLVPlayback class"
- taken from the Flash Documentation
So the answer to the first question, is yes its possible.
"VideoPlayer.maintainAspectRatio :: A Boolean value that, if true, maintains the video aspect ratio."
Silly rabbit programming is for kids.