raoul OpenLP essentially just tells VLC to play the video in a specific location on the screen. Technically, OpenLP could probably also tell VLC to do some scaling, but I don't know that we necessarily want to go down that route.
OpenLP does however provide a way for you to add additional command line arguments to VLC from within OpenLP, so if you know how to tell VLC to do that, you can add it into your OpenLP configuration, and it should work.
I did try giving the extra arguments a shot one time, and maybe I'm not using it right, because I've not had any luck on getting it to change anything.
I've tried entering it as such:
vlc --aspect-ratio 4:3--aspect-ratio 4:3
I had seen that the manual talks about the extra arguments but provides no examples on how to use it.