I am seeing a trend? I think you may be overly critical about some of the problems (potentially theoretical) rather than continuing with the Hacker/Maker mentality. Do not start limiting yourself too much by being too smart with experience and maybe some edumacation. Remember - Education comes AFTER the Innovator Explores, Invents, Creates, Builds and IT all becomes REAL. Then, there comes education to teach the masses the story and give us the How-Tos. --- See Apple in the early 80's. Paragliding in the late 80's. Cell phones were several pounds and wired to the car or a carry around box. Hang Gliding in the early 70's. Internet in the Mid-90's and all the other cool things we have.
What am I saying to me actually? I'm saying John's idea works. How do I know? The chip exists and is sold. The TV works in my home - with an antenna. My AM/FM radios work, so too the cell phones and more.
I'd suggest that the chip be hooked up. The code be written and the devices connected. Then, as in the development of all early explorations and technology, fix and refine. Oh, so what if packets get dropped in the audio/video streaming. We are not expecting HD for a Theater. So what if it looks like BW from the 50's at first. Actually it WILL be better. Why? COLOR! LOL....
Be a Maker! GO FOR IT!