Video players with full screen, transparent caption backgrounds?

This has nothing to do with PlayOn itself, but I'm trying to use it to record videos, then play them back, in the best possible way, letting me use the most of my rather small (32" diagonal, 1080P) screen.

At the moment, I have set PlayOn to use H.264 recording format, because it is somewhat portable - unless someone tells me there is a really good reason to use another format.

I can use PlayOn to record videos, under Windows 7. But I want a player with the following properties:

1. The video image should take up as much of the screen as possible, without changing the aspect ratio.
2. No part of the video image should be cut off.
3. It should be reasonably easy to fast forward and rewind, using a sliding bar, or equivalent.
4. I want to display embedded subtitles and captions.
5. Those subtitles or captions should appear against a fully transparent background, so the background doesn't block the picture. This is a very big deal for me. Most channels have such a setting when played through a browser, but either PlayOn doesn't allow it, or the players don't.

Does anyone know of players meeting all 5 requirements?

I have so far tried 3 players, under Windows 7. None meet my requirements, for the reasons specified:

1. Windows Media Player: Fails #5.
2. VLC Media Player: Fails #1 - Always puts junk on top and on the bottom. Also, I'm not sure, but I think it sometimes cuts off a little at the top and bottom - or maybe that is PlayOn. E.g., when some channels put captions near the bottom, they don't appear completely when I play them through PlayOn. Also does not meet #5.
3. HP Video Viewer: Does not meet #5.

I prefer Windows 7 (64 bit Home Premium) but could switch to Windows 10 (32 bit Home, I think).
I have legit swappable disks for both Windows 7 and 10 for the same computer - but would switching to Windows 10 mean buying a new copy of PlayOn Desktop?
I could display under a lightweight Linux if I had to.

BTW, the following characteristics are not required, but would be nice:

1. When I fast forward, a video picture of where I am sliding the control should show on the screen.
2. A single keypress (or at worst, a mouse use) would rewind about 8-10 seconds, and replay from there.
3. A single keypress (or at worst, a mouse use) would pause / restart playback.
4. There should be a way to fast forward to the next blank frame (which some channels use to signal the start and end of ads)
5. The video controls should not stay permanently, or for very long, in front of the video image.
6. The viewer should be free.

My PC is slow and outdated by current standards:
1. Its an HPE-500F
2. CPU is an AMD Phenom II X6 1045T CPU running at 2.45 GHz.
3. It has 8 GB of memory
4. Display adaptor is an AMD Radion HD 6450
5. Under Windows 7, I run as few services and startups as I can get away with to make it less slow.
6. Windows 7 gives it the following Windows Experience Indexes:
Processor and Memory: 7.4
Graphics: 5.1
Gaming Graphics 6.3
Hard disk: 5.9


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