Will you have some compression of the video data before sending it on the Ethernet?
The hardware configuration that you describe is well adapted to a software solution, using a TCP/IP stack (such as Interniche with ucOS). It is the simplest to design, but the CPU could be too slow to process the data flow if you have a high bandwidth.
Another way to do it would be to make your own IP that receives the video data and places it in UDP packets. This is closest to the Udp offload example from the wiki and will be a lot faster, but requires more work on the hardware part.