Say the recording server has video saved at resolution 1, frame rate 1. We wish to convert this video to resolution 2, frame rate 2, such that the converted video is natively playable inside the smart Client playback. Possible through the MIP API?

The Smart Client will playback based on the recorded resolution.

You can in a Smart Client plugin convert the video while playing it back.

You cannot convert or change video to have the recording server re-record it for later playback in the regular Smart Client camera views.

In general the recording server will record the video from the camera unaltered and it cannot be changed. This is part of the security offering that the video is unaltered.