Use of Streaming Media with LMS Features?

I'm wondering if anybody else has encountered this issue. I understand that SCORM design principles recommend against streaming media, but my organization requires it. I could embed our videos in an iFrame, or attach them with a hyperlink, etc., but then I think the LMS data would not be communicated back to Rise (in other words, how much of the video was watched).

The ideal situation would be if I could get the Rise player to play from a streaming media server URL instead of assets/vidtitle.mp4, etc. I actually did accomplish this, but I had to use a Javascript find/replace function. I would like to know if anybody out there has made the Rise player work with a streaming media server in a more stable way.

Thanks for any help!