@tkwoodrick , this sounds cool! Here are some thoughts:
Definitely connect the Theta to the Jetson via USB, and then use use gstreamer to pump the video out however you want. Now that the Theta plays nice with gstreamer you can really do anything. For point to point streaming over wifi with minimal latency from gstreamer, use one of the many open source low latency libraries. Pretty much everything will be under 300 ms tx time, but use something that you know uses hardware acceleration on the Jetson (a ton of libs have ensured compatibility with the Jetson). If you pick a lib that is publishing a well known standard, then on the receiver you could probably just install an app that lets you connect to a WebRTC/SRT source and pump that in to the quest.
If you are really ambitious you could program a Unity app for the Quest to view the stream directly and cut out the receiver PC entirely. I haven’t done any development with it yet, but it looks like developers get a TON of control over the Quest, so I bet if you connect the Quest to the same network as the Nano you could develop an app that communicates directly between them. It might require some hackery, but def seems possible.
Also while you are at it you should measure the bandwidth usage over WiFi, because some of these low SWAP radio connections can easily be swamped by even simple video streaming. And it doesn’t help that the normal performance is always 1/2 whats on the datasheet.