Il test further with it but it definitely did not work with the following using nginx_basic.exe (it was blocking the cloudflare server IP's from connecting)

http {
#Inside http

real_ip_header CF-Connecting-IP;

limit_req_zone $binary_remote_addr zone=one:10m rate=30r/m;
limit_conn_zone $binary_remote_addr zone=addr:10m;

server {
# server domain etc here

location ~ \.mp4$ {
limit_conn addr 10; #Limit open connections from same ip
limit_req zone=one; #Limit max number of requests from same ip

mp4;
limit_rate_after 1m; #Limit download rate
limit_rate 1m; #Limit download rate
root '//172.168.0.1/StorageServ1/server/networkflare/public_www';
expires max;
valid_referers none blocked networkflare.com *.networkflare.com;
if ($invalid_referer) {
return 403;
}
}

#End server block
}

#End http block
}

http://www.networkflare.com/