Well one person seems to think so. It is complex so i assume it'll be fairly resource intense as h.264 is the most advanced compression technique.
The link below is basically a blog of a guy who is into Video FPGA work and links to the Zexia encoder. He backs this core, but not many have downloaded it. So it would need to be tested. I'm considering doing that, but that will be after i attack the rest of my scope, which could be 2 months or more.
http://www.drtonygeorge.com/video/h264/h264_rtl.htm Guys Blog
http://hardh264.sourceforge.net/h264-encoder-manual.html Core manual
I'm more than happy to support anyone else who wants to take point on testing. Let me know.
PS: Remember i have some good texts and info on the subject. If you wish, send me a PM with your email and i can forewared it all on.