This is really interesting! What you suggest sounds like it would work. It will be interesting to see how you encode the images for transmission. Will they be stored on microSD or sent straight to the buffer?
One alternate direction you might consider (though I really have no idea if it’s feasible) is a WiFi SD card like this one:
http://www.amazon.com/Toshiba-FlashAir-Wireless-Memory-PFW008U-1ABW/dp/B00AARIEVK
There is developer information here:
https://www.flashair-developers.com/en/
I bought one, along with this SD -> microSD adapter:
https://www.saikosystems.com/web/p-44-sd-to-microsd-converter.aspx
All I can tell you is that Game Frame can read the SD card. I put some graphics on it (not over WIFI, but the normal way) and it worked. It seemed pretty slow though, much slower than a standard SD card. I have no idea how you write to the card over WIFI but it looks like it’s possible.
Good luck and have fun no matter what approach you take!