Yea I definitely think switching to hosted videos would be a challenge. My preliminary solution is that if you cycle a few videos it starts loading previews only and doesn't fade in the player for a second or so. Try hitting forwards a bunch. That may be enough but need data obvs.
edit:
To elaborate, if you load 30 by clicking next every second, it comes to under 1mb in previews. The question that needs to be tested is how fast users cycle through, and if that is not so long as to mess with the experience. I expect a best solution to do some sort of dynamic user specific setting of fade times.
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