You would need a feed (low bandwidth) to see what you are aiming your camera at, but it surely would only be reference video, not archival quality. If you are shooting HD this becomes even less of an option because of the increase in bandwidth. I thik Tapeless capture (P2, acdhd, mpeg2) would be the way to go, then ingest the video upon the return of your aircraft.
But back to the stabilization, there is actually a lot to consider here.
- Are you just wanting to stabilize the motion, or will you also steering the pan/tilt mechanism?
- Is this for a heli or plane?
- Think about adding ability for roll too.
- You need to look into RC hobby areas for gyro stabilization. Many heli mounts (life sized) use x,y,and z gyros. There are gyro systems for RC devices too. But you also then need to think about if they will be rate locked or heading locked + How will you compensate for the difference of planned change in motion (pilot input) verses unplanned (wind, thermals, birds, small artillery).
If you want to do all this, as previously mentioned, it is going to add a lot of weight. How big is your aircraft?
What size is your camera.
Is the aircraft gas or electric? I ask this because now you are lugging a bunch of weight, so your flight time just dropped significantly. If you are electric, extra batteries add extra weight too. All of it is doable, but the cost will also start to add up real quick too. how high are you wanting this to go? if you go uber high, then you will need more glass, which also is more weight.