Arduino-Powered Virtual Reality???

I am trying to make a (DIY) VR headset, using near-eye low-power DLP projectors for the eye (Much similar to the Avegant Glyph).

I have two options: split a projector beam in half (I don't know how to do this. If you come up with a solution, I'd be happy to learn)

-OR-

format two HDMI projectors (480p) as a side-by-side 3d display.

Is there a way I can do the second one with an Arduino? If not, what can I do as an equivalent (Hopefully under $50)?

Why do you need an Arduino? Arduino doesnt has enough processing power to work with images and video.

Is there a way I can do the second one with an Arduino?

No.