Does an Xbee work like this?

I have a camera with 3 wires, vcc, gnd and video. If I connected the video wire to AD0 / DIO0 on one Xbee and connected an RCA cable to the same pin on a different Xbee and plugged that RCA cable into a TV... would I get video?

How much would the 250kbps data rate of the Xbee matter? The camera was scavenged from a 2.4ghz wireless system, it has a resolution of 480×234.

Sorry, but the answer is "it doesn't".

The Xbee sends digital data, and the video signal is analog. To send video over the Xbee, you'd need to convert the video to data, and you'd lose a lot of the quality trying to squeeze it down to fit within the Xbee's limited data-carrying capability.

I think there are some low-cost wireless video links out there that would do the job for you.