DJ,
I've done quite a bit of research on this.
VidiScript is somewhat of an "offshoot" of a script named Social Media:
http://www.mediascripts.com/
The marketing guy there had a falling out with the developer and started vidiscripts.
Social Media is pretty robust and has vBulletin user integration but it is early days for this one feature.
For installing the server-side stuff, check out the following that does an
excellent job in auto installing what is needed:
http://www.ffmpeg.sherin.in/
Cheers,
Regs.