Video mixing with the Propeller

Has anyone tried this? Mixing audio is no problem with op amps, but video mixing requires getting the frames in sync. I am thinking of have the Propeller generate text or graphics in an all white or all black or one color and then have it mixed with NTSC or PAL video.
Comments
Would the Parallax BackPack work for you?
http://www.parallax.com/StoreSearchResults/tabid/768/txtSearch/Backpack/List/0/SortField/4/ProductID/602/Default.aspx
Not quite sure if I'd go as far as to find something to calibrate and shoot at targets, but the project would be fun. Maybe someone would like to have a paint ball gun readied for unwelcome visitors.
The Propeller is just about the ONLY economical alternative for this.