Ok after I have waited many months for this mod I must say I'm disappointed because it's useless to me. I didn't know that I would need to have a recent version of PHP (5.1.2 or higher) just to embed YouTube vids. It said I have an older version so I can't use the YouTube feature.
Im only going by what it states on the Google/YouTube API page, you could try enabling it and see if it works with an older version of php? From reading on the net, it isnt the api that requires PHP >= 5.1.4 it is the zend framework itself, so you may be lucky?