It seems to me that with the pan & tilt mechanism, there's a few different things contributing to the latency:
a) The time taken for pan / tilt signals to be transmitted to the aircrafts and for the servos to respond with moving to the correct angle. b) The time taken to take the pictures, transmit them to your PC, and decode them ready to be displayed on the Oculus. c) Processing the images on the PC and displaying them on the Oculus.
If you were able to accurately measure and model the latencies involved in steps a) and b), you might be able to compensate for them in your display program. If you knew that it takes 100ms for a given camera angle to be visible on the Oculus after requesting it, you could pre-empt the video coming in by offsetting the video displayed to the user until the actual movement of the camera occurs.
