I happened to do something almost exactly along the lines of what this thread is about over the past year. I wrote a nice
6 page article in SERVO on it if you want to take a look.
To answer some questions that seem to be hanging:
Without more bandwidth on the field this is not a feasible method. Over a direct LAN connection it was pulling a minimum of 18 mbps. This was just barely enough to keep a steady 30 fps at 600x400 per eye.
With the limits the FMS puts on the driver stations it's going to be either impossible to see anything or gut-wrenchingly slow. It's already a tad bit nauseating at the speed it's running.
It also isn't too easy to find an IP camera with a high FOV for cheap. The cameras I found for 40 dollars are webcams so they run through YAWCAM and hopefully later on MJPG-Streamer.
Still super fun to play with, but not the best idea for a fast paced FRC game with network constraints.