I dont think that speed would come into this half as much as many people would have you think!
After all, there is the posts about the Video Grabber just below this one!
I think the ST is perfectly capable of running a greyscale picture for sure, maybe massively cut down to somethign as nasty as 160x100 will not be that much hassle I am sure!
I recon though, its the hardware!
Was the VidiST capable of "Monitor" mode?
Can GEMTV be adapted to run on an ST?
I suppose that would get us back to the ST using a PCI slot perhaps?