The technical complexities associated with accomplishing what you're asking would require a significant time investment from someone who knows what they're doing, or at least is willing to give it a crack.
Yes, it's theoretically possible to steam HD video straight from the camera onto an SD card and, yes, it would probably be possible to grab every N frames of that data and display it on screen. But unless you're going to start programming yourself, or trying to cobble together some existing source to accomplish this, you're probably never going to see it happen.
I recommend you pick up an HD webcam, and start from there. The trust you mention, assuming it'll work with the Pandora (I've no idea!) looks like a fairly cheap, yet reasonably good quality place to start.
If you're lucky, software to capture HD video is already just a ./configure port away. Google harder!