[REQ] Tablet Rift using WiFi Streaming

[jonschwab]

I have a question, which I think may lead to a new option for DIY Rift devices. I haven't found a definitive answer on this subject.

I would like to use a new Nexus 7, with its 1080p screen to create a set of VR Goggles that can render video transmitted in real time from your desktop PC.
This would require a device driver on the computer to capture rendered video and stream over wifi.
This would require a program on Android that would take this stream and display it.
This follows in line with the NVidia Shield or the Wii U.

Pros:
Off the shelf hardware, upgradeable as new phones and tablets use better screens.
Use of most/all current Windows/Linux based PC games and programs.
Future expansion to support Audio Stream
Future expansion to support head tracking using tablet/phone Accelerometers.
Support for Add-Hoc point to point networking, possibly cutting down on transmission delays.
Cordless, possibly with sound and head tracking too.

Cons:
Weight and Packaging.
Transmission and Processing delays. (I just don't know how bad/good this could be).

As a computer and systems engineer, I can see this as viable, but haven't worked through the whole problem, and don't have experience with windows drivers or Android Dev.
Can a virtual display device be created for windows PCs that is seen as a standard HDMI capable screen?
Can video be rendered to such a device, and transmitted over WiFi without sacrificing speed? I have used screen scrapers before, but they always have noticeable lag.
Can Android/iOS receive a video stream at 1080p, and render directly to the screen? Just like youtube?
What other hurdles am I not seeing, or has this been talked about before?

Thanks
Jon