SMtube (Portable) used to allow changing the Recording settings, but r6558 (and possibly earlier) no longer does. There are also other buttons missing, such as Enter URL and Show Recordings. Don't know if something got left out...
Interesting. Is SMtube being, in effect, 'spun off' from SMPlayer? Will SMtube still be distributed with SMPlayer? Will this affect the interface between the two apps? Will yt.js continue to be updated?
Maybe the easier would be to distribute them in two different packages. They are already stand-alone applications. In linux they are separated in two packages, smtube can work alone, it doesn't even need smplayer since the linux version can be configured to use other players.