Thanks to both of you for the replies.
I didn't realize that streaming to two locations simultaneously (display and file) would be problematic.
I ordered my camera from Amazon Canada this morning and it should be here in a couple of days. At that time I'll commence playing around with various options.
On another note, my GPS receivers came in today, so I'll be picking that up after work, so hopefully I'll have a Perl module for the GPS side of things (wrapped C, of course). One will be used with the Pi for the same project (so I can embed the coordinates in the video directly), and the other for my Arduino Trinket Pro, as I'm making my own GPS device for when I'm out on my days-long mountain hikes (yes, I could buy one, but where's the fun in that ;)