Yes, that is possible and once you know the parameter to set, all is done. First let me mention what the parameters you have mentioned are:
Video parameter allows us to mention a key or a token of a video that exists within your Ziggeo application. As you do, it will show you the video that you are referencing in your player (or in rerecorder - see more bellow for what else is needed).
Preload parameter is pure player parameter and its purpose is to load the video before it is being played. This is good if the videos you have on your website are of large resolution. As soon as the page is loaded and player created, it will start buffering the video into the browser. That way as soon you click play it just starts the playback.
* It is not recommended to put this on all videos as it might slow things down on slower network speeds simply because all videos would be downloaded in the same time, however for one video that is perfect. Others would just load as usually when you click on play button.
Source parameter is if your videos are in another location (not in your Ziggeo account). For example if you have access to a video of event you were part of and you would like to present it on your website, however rights for it do not allow you to copy the video. In such case you would not set the video parameter rather just source parameter with full link to the video (starting with protocol and to the extension)
Now, what you are after is rerecordable parameter. So just adding that to your embedding if you detect that token exists would work fine.
So your object would look like:
Please do let us know how it goes :)