With the advent of the 64K SRAM in the 3.1, it seems feasible to use this as a bitmap memory and to mix using a simple key circuit. There is a chip LM1881 which could be used to interrupt on hsync and sync.
I fully agree! The Teensy can also be used as a CAN bus receiver for Naza V2 messages. So if the form factor of this OSD was small enough you could even make it into a Teensy OSD Shield. The advantages of one board would be excellent. Beats having a Teensy and MinimOSD to get the CAN messages.