I have a Hauppauge 350 capture card, and would like to use the VLC Player as its output device. I read the provided directions, and they did describe a player that had a couple of things in common with the one you provided. However, judging by the very large number of (predominantly ignored) settings, I do not have much faith that I could have made things work, even if I did have the player being described.
Are there any directions for the player that you are now putting out for Windows, and does it actually describe the necessary steps to make things work?