Check the video for my progress so far with Zoom Player's IPTV Home Theater interface:

With description enabled (not currently displayed), the video shows in an embedded window.

With description disabled, the video is displayed in the background behind the IPTV overlay

There's still a long way to go, not everything is implemented, there's more to tune and polish and there may be bugs or glitches.

If you would like to try it out, you can download the latest build, but keep in mind that since this is not a full install, there will be some missing graphical assets (e.g. the "Toggle Description" button) which should get replaced by some default graphics.

To access the new interface, add it as a button using the Control Overlay interface on the advanced options dialog: