You don't need to do all of that. Just use the embed url of the video.
On the youtube video page, click on the Share button. In the Embed option, look for the direct url of the src and use that.
Or did you want separate sprites to use for the pause/play buttons? In that case, you'll have to use their API...
Hello, many thanks for replying!
I would like to use their API and send commands to the Youtube player, so I could do something similar to your example of using separate sprites to act as play/pause (and seeking which is most important for me!), but I have no idea how to apply their API this within the Event Sheet View.