There are loads of players which just add GUI to directshow/win codecs API. The problem is - if user got his codecs messed up or doesn't have right one, all these players just fail, if you go this way, why your player will be special...
ZoomPlayer got millions of options : not worth to compete here, others have subtitle support (without special fiters etc.), WMP 6.4/8/9, BSPlayer, A2... take your pick.
What I would suggest is player which can actually fallback to his *own* decoding routines in case system ones doesn't work, one which can just play mpegs w/o index (and probably restore it while playing, so user just has to watch movie for several minutes and he can seek it) etc.
And because it's such a huge work, I think you should go to
www.mplayerhq.hu, walk around and offer your help with Windows port (if you want Windows version).
Whatever you decide - good luck.