Backup the (version 2.3.4-1468) files using the following commands:
cp /volume1/@appstore/VideoStation/lib/libsynovte.so [backup location]
cp /volume1/@appstore/VideoStation/lib/ffmpeg/libavcodec.so.56 [backup location]

Upgrade to VideoStation 2.3.7-1484 (or current version)
Stop VideoStation from running
Backup the new files using the following commands:

cd /volume1/@appstore/VideoStation/lib/
sudo mv libsynovte.so libsynovte.so.bak
cd /volume1/@appstore/VideoStation/lib/ffmpeg/
sudo mv libavcodec.so.56 libavcodec.so.56.bak

Copy the old files back into place with the following commands:

sudo cp [backup location]/libsynovte.so /volume1/@appstore/VideoStation/lib/
sudo cp [backup location]/libavcodec.so.56 /volume1/@appstore/VideoStation/lib/ffmpeg/

Update the file properties to match the original with the following commands:

cd /volume1/@appstore/VideoStation/lib/
sudo chown VideoStation:VideoStation libsynovte.so
sudo chmod 644 libsynovte.so
cd /volume1/@appstore/VideoStation/lib/ffmpeg/
sudo chown VideoStation:VideoStation libavcodec.so.56
sudo chmod 644 libavcodec.so.56

Start VideoStation and test playback