I ended up just manually minifying and adding the pixel to the build script, but here's the original notes on the url pieces that I made.
/**
 * Google Analytics tracking pixel for the freely hosted version of Video.js
 * at vjs.zencdn.net. We'll use this data to develop a support matrix of
 * browsers and devices.
 *
 * This code generates the GA tracking URL without requiring the GA javascript
 * library.
 *
 * @type {Image}
 */
 ;(function(img){
   img.src = '//www.google-analytics.com/__utm.gif'
     + '?utmwv=5.4.2' // Version
     + '&utmac=UA-16505296-2' // ID
     // &utms=2 // Sessions
     + '&utmn='+Math.floor(Math.random() * 10000000000) // Cache breaker
     + '&utmhn='+encodeURIComponent(window.location.hostname)
     // &utmcs=UTF-8 // Encoding
     + '&utmsr='+window.screen.availWidth+'x'+window.screen.availHeight
     // &utmvp=1057x1105 // Browser window
     // &utmsc=24-bit // Color depth
     + '&utmul='+ (navigator.language || navigator.userLanguage)
     // &utmje=1 // Java
     // &utmfl=11.7%20r700 // Flash version
     // &utmdt=HTML5%20Video%20Player%20%7C%20Video.js // Page title
     // &utmhid=1112291628 // Adsense
     // + '&utmr='+(document.referrer || '-') // Referrer, '-' is none
     + '&utmp='+encodeURIComponent(window.location.pathname)
     // &utmht=1370890439353 // ?
     // &utmcc=__utma%3D59332138.2144546446.1350079499.1369781272.1370890430.57%3B%2B__utmz%3D59332138.1368060482.49.3.utmcsr%3Dlocalhost%3A8080%7Cutmccn%3D(referral)%7Cutmcmd%3Dreferral%7Cutmcct%3D%2F%3B // Cookies
     // &utmu=q // ?
   ;
 })(new Image());

Added cdn.js so we can actually have notes around the analytics code