I've been looking around for some gameplay footage from IW1, but so far I've been unsuccessful in doing so. Does anyone know if there's an LP or something similar for Independence War?

I know that there's an LP for IW2, but I'm specifically looking for footage from the first game.

I can only point you to a German LP of I-War, to be found here: http://www.youtube.com/playlist?list=PLF597593B112E2FE6

While you may not understand the language, it's still helpful to watch the person play the game. And the important terms (missile, remote, PBC) really stand out. ;-) Hope this helps you a bit.