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“I am working on a sort of literary criticism-style examination of a video game, and decided that it would be best to accompany this critique with gameplay footage to better discuss and illustrate my points.”
How about telling us a bit more about your project. What is a “literary criticism-style” examination? How will your critique relate to the game footage: will you do a voice over and combine the critique and gaming into a single video? Or will you be doing your analysis live — for example, at a conference — as the game footage plays on-screen in the background? Could the segments of the game footage be part of a PowerPoint presentation?
I wouldn’t get hung up in codecs, encoding and other technical concerns until you have a very concrete idea of how your critique will be presented. Let the content drive the technical demands.