Nina is great, isn't she?
In the past, I have taken a screenshot or frame-grab of the video in question, or another image that relates to the video content in some way, blur the image, and use that as my background, even with a bit of Magic Motion.
This eliminates empty black bars, looks more interesting giving your production a jazzy layered look, and because you keep the 4:3 video as-is, you'll not lose so much detail.
HP Envy Phoenix/4thGen i7-4770(4@3.4GHz~turbo>3.9)
Nvidia GTX 960(4GB)/16GB DDR3/
Canon Vixia HV30/HF-M40/HF-M41/HF-G20/Olympus E-PL5.
Tape capture using 6 VCR, TBC-1000, Elite BVP4+, Sony D8 camcorder with TBC.
https://www.facebook.com/BarryAFTT