Thanks everyone who tried to give some help.
I have decided against making any major changes in my system for the purpose
of playing these videos. I don't have a lot of them, and I really want to
keep my system clean and stable as it is right now. Totem video player has
shown to be a better option for playing HD videos than SMPlayer, so I will
use it instead (even if not a perfect playback, but it's tolerable). HFR is a
different story, I will see into those later (maybe convert them as someone
suggest, making them SD HFR instead of HD).
Thanks everyone for the comments :)