actually.. you could go further...

800x600 ... yuv411 reduces this to 800x600x1 + 200x150x1 before any real compression

480,000 + 30,000 bytes per frame

you could also do a 50% reduction on the Y...

240,000 + 30,000 --> 270,000 bytes per frame

limit it to 12 fps, and you are at 3,240,000 bytes/second .. or about 24Mbps

do-able... but a bit overkill