personally, i'd like to say the choice lies in your strongest point.. say performance is your piece of cake then go with that.. HOWEVER, performance was my strong point and i chose to do video drama.
i think that as long as you have some experience in making videos and a love for doing them then you'll be fine.
i also personally believe that a video takes more time than performance, if your school doesnt have editing programs or other resources needed to complete the video then theres not alot you can do during the school time allocated to working onthe individual project.
you mention doing videos for other subjects.. can i just suggest that you dont do video for all the major works (im assuming this is either ext2 or art), one is hard enough in terms of time management, id hate to see someone flounder because they have taken on too much at once. but if you feel you have the skills, knowledge and experience in making films and figure you could make more than one at the same time without focusing too much on one, or getting the storylines mixed up or whatever else can go wrong, then go for your life.
don't take on too much at the same time, make sure there is ample time for other subjects, whether they have major works or not.. dont make the mistake of so many students who think they can do a thousand things at once and have them done to the best of their ability. take the time to think about what you think is best, where your heart lies.. have a chat to your teacher and see what he/she thinks.
good luck and all the best, if you need any more help, you know where we are