Aaron, you posted a helpful response on my blog:

You can change the player chosen for a given format, although it currently requires a manual call to the jQuery Media plug-in. See http://malsup.com/jquery/media/ for more instructions; in this case, you would need to call the jQuery function $.fn.media.mapFormat. Unfortunately, there is currently no UI element for this built into the module; maybe I can add that into the next release.

I think this is an awesome feature to add, and would make this module totally nuclear. I thought I would make a format request for when you are ready to work on this module again.