We can really only give you general suggestions and I can't speak to the wireless portion. It really depends on your video format and whether your camera is analog video or digital video output. That would decide what video interface part you need-- if any.
Our Blackfin DSPs could certainly do the color stripping and encode as well as the decode. You should probably ask on the Blackfin forum for specifics.
If the camera is really analog VGA and is under 74Mhz you could probably use an ADV7181D or something like that and maybe an ADV7125 on the output.
We have no reference designs similar to this.
Dave