Would this work?
Nope. display: none
will only prevent the element from being displayed; it will be loaded nevertheless.
You can watch this happen in the element inspector of your choice (e.g. in Firebug or IE8's dev tools).
The best way is probably to create the Video element using JavaScript afterwards, or - if you want a fail-safe solution in case JS is turned off - you could use an iframe that loads the video if the user clicks a link.
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