Earlier quoted context omitted.
I don't know where you get "1 byte per pixel" from. At minimum, raw 4:2:0 video would be two bytes per pixel, and RGB would be three bytes per pixel with 8-bit color depth.
You're talking about processed color frames. The GP was suggesting that the camera stream the raw sensor data, which doesn't have individual color channels, just a monochrome grid with 10 or 12 bits of usable data per pixel. A bayer filter[0] is placed in front of the sensor so that a given color of light falls on each cell. The USB host would be responsible for applying a demosaicing[0] algorithm to create the color…
Seems to me like that kills the idea dead? GGP assumed 8bpp and that the raw resolution matched the output, and came out... well wrong (the effective bulk transfer rate of USB 2.0 is 53MB/s on a good day), but by just a few megs.
However the raw resolution is 40% higher than the final output, meaning even at 8bpp you're at 85MB/s and you've blown way past any hope of recovering via a few tricks. At 10 bpp you're above 100MB/s.