I really don't know whether this is a feature request or a bug report.
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I have recently had a probably hardware-related problem with VLC: the video played on the main screen and not in the second (the projector). I know that this is not OpenLP-related since it happened also with standalone VLC.
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However, I could manage to make standalone VLC work by changing its settings (disabling overlay, could be also done by '--no-overlay' by what I understand). Of course I could not reproduce this in OpenLP. Also, when I try to play a video in OpenLP, Windows 7 changes to 'Classic color scheme' --- from the VLC docs, this means that it is choosing the wrong output settings (automatically, I looked at OpenLP code and checked that this is not OpenLP's fault). There is a way to force the right output driver by commandline options.
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It is probably evident where I am trying to get at: these commandline options would need to be passed by OpenLP code, where the options are now hardcoded. Of course this could be done in various ways, from modifying the configuration UI to simply reading a text file from the data folder. IMO having an option of tweaking VLC options would open new troubleshooting capabilities to weird corner cases.