Ahem, no you can't, not even with "limited" quality 
Yeah, you need something much faster. There was an mp3 decoder that attached to the disk drive port, so you could play mp3's on a 68000 machine.
You could make a VCD decoder using an fpga. Then either have it genlock the output or do some funky true colour to ham6 conversion.
Maybe Jens will add it to his flicker fixer :-)
