This took several iterations, but posting and to the board and reading it helped me resolve some issues.
So, this code works. It pauses the video AND the animation. I am sure everyone figured this out before, so I hope you don't mind me posting it:
switch (element.innerHTML) {
case 'Pause':
element.innerHTML='Play';
hypeDocument.getElementById('video1').pause();
element.style.backgroundColor='#FE9470';
hypeDocument.pauseTimelineNamed('Main Timeline');
break;
case 'Play':
element.innerHTML='Pause';
hypeDocument.getElementById('video1').play();
element.style.backgroundColor='#00F44B';
hypeDocument.continueTimelineNamed('Main Timeline');
break;
Still looking for DOM reference for all hypeDocument.