Hi mojo, many thanks for the above advice :-)
I downloaded all the files you suggested. Glxgears shows 59fps, and direct rendering = yes on this single core Atom netbook. In view of what you said about a lack of support in Slitaz for Qt5, I've now abandoned VLC player.
Also good news that I was able to get 'gnome-player' to work: acceptable quality playback with synchronisation of audio & video. However, to do this I had to use the 'handbrake' app (available in Ubuntu but not in Slitaz), to modify the video file: frame-rate was reduced from 50 to 25fps, and the bitrate reduced to 1500kbps. A higher bitrate (2500), and an fps of either 50 or 25, gave a choppy and therefore unviewable playback quality. So therefore I'll use 'gnome-player', as this seems to be the only video player that works with my setup, following some video file manipulation.
Just for the record: when I clicked on SMplayer and selected the 25fps/1500 kbps file, I got the following notification: "mplayer/mpv has finished unexpectedly. Exit code: 127"
I'm going to mark this post as "solved", as I am now able to view videos on the netbook with Slitaz5, albeit following some file manipulation with 'handbrake', and using 'gnome-player' to watch them.
PS. Request: could we have 'handbrake' in the Slitaz packages ? It would be very useful for manipulating HD video files, thereby making them playable on old/low-powered hardware....