Hi @stevenminix.
I like the idea and I definetly will add this tool in a next release.
For the moment, what you can do is use the Media URL – Mobile field, that works in the same way. Adding a second url in there, the HD toggle will appear in the player.
Since I can see that you do some code as well, you can even add labels to the media sources, going in the plugin folder/includes/jwppp-functions.php, line 908 and 912. After $output .= "{ file: ...
, add a line with $output .= "label: '720p HD(for example)',\n";
Hope that this helps 😉