I decided to go back and explore another plugin which I already use that just about does what I need with a few tweaks. I went back to LightBox Plus and after enabling the Secondary Lightbox in Appearance/Lightbox Plus I was able to get links to pop up video that sizes and pads pretty well. You will need to tweak the secondary LightBox base settings a bit, but the results are very acceptable after making some adjustments. I can provide more detail if necessary.
Here is what the syntax looks like to make a text link that pops up a video using LightBox Plus:
<a class="lbpModal" href="http://www.youtube.com/embed/YourVideoIdHere?rel=0" width="640" height="360">Video Demonstration</a>
If you are just looking for a plugin to resize videos as the screen sizes reduces for responsive mobile video viewing, FitVids for WordPress is a great option.
I hope some of this information is helpful.