4:3 games played stretched on 16:9 is mostly just fine. For example, I watched the Pang video you posted, and for me it's perfectly serviceable, no great damage has been done to the game.
I think we all know the games where restricted by the technology at the time, but at the end of the day it's 2016 and as long as things aren't stretched beyond recognition - such as a 3:4 game stretched to 16:9 - then it's okay.
I can appreciate the slavish desire to perfectly emulate a game behind the scenes, but when it comes to playing them, or in artwork, then I favor going with what looks good to me rather than worry about what the artist had to work with at the time. Some times what they were restricted too is a negative, and if that's easily fixed to someones satisfaction, then life is too short to get bothered about it.