If you're focused solely on local network streaming, you can throw most of the features of modern codecs out the window. The trade-off is bandwidth, but if the network can support 100 Mbps, you can get remarkably low latency with relatively little processing.

For example, Microsoft's DXT codec lacks most modern features (no entropy coding, motion comp, deblocking, etc.), but delivers roughly 4x to 8x compression and is hardware decodable (saving on decoding and presentation latency).

Of course, once you've tuned the end to end capture-encode-transmit-decode-display loop to sub 10 ms, you then have to contend with the 30-100 ms of video processing latency introduced by the display :-)