This means you will also have to port your code to a custom hardware target, as explained in this tutorial and the labview help.
Your question on streaming rates can be estimated by using some basic math. If you can sustain a baud rate of 115200 you will be able to stream .144MB/s. From wikipedia, it looks like the rates needed for video are generally on the order of 1MB/s. This means that you will need to use a higher baud rate, which can be unstable. The wireless module you choose will also need to be able to keep up with the rates needed.
My first impression of this system is that it might be possible to build but it will not be simple. A better bet might be trying to simplify the system. Particularly if you can eliminate the video aspect and stream some other form of sensor I think it would be much easier to build.