I just figured out a workaround. I was able to create the shortcode by copying a previous shortcode and replacing the mediaid number: [jwplayer config="myplayer" mediaid="xxxx"]
If you use firebug, you can find the mediaid after you have gone through the normal process and clicked the button. Even though the button is unresponsive, apparently it inserts the correct media id. I was able to find the media id in the javascript while I still had the insert media pop up still open.
Hope this helps others...