Hello,
I am an embedded software developer with more than 5 years of experience in Raspberry pi based development. I read your project description and understand that you need to output a video with a delay added to the input video stream.
Actually I did a very similar work before. During that project, I was able to develop a channel to transmit local network IP camera video stream to internet, so that it can be viewed at a remote location. I can extend that work to include a delay to the stream.
I would recomend raspberry pi for this project because of the extendability of the device.
I would use Python/Java combination for this project.
Looking forward to hearing back from you with more information of the project.
Thank you
Anusha