From the lack of responses here it looks like there is no
such player :).
May I ask if anyone has a guess of how much work with would
be to modify the JW player (or other) to do this?
I have to choose between paying someone to do it and learning
enough flash coding to do it. I have a coding background so it's
possible, but with the learning curve I may be better off offering
money to someone to do it.