On the ground I have a B2HP powered by a 11.1V LiPo and a single ethernet cable running back to my GCS laptop. I'm using a virtual serial port as you say - using Paparazzi autopilot on Ubuntu it is quite easy to script a virtual serial…"
This is a great setup for aerial surveilance but not so good for FPV due to the lag as you have discovered. You can configure the buffer time in VLC but I found that anything less then 100 mS will start to drop frames.
"Note that the Clark-Y airfoil will have about 3 degrees incidence with the bottom of the wing sitting flat on top of your current fuselage. This is one of the benefits of a Clark-Y for simple airframe construction."