So, I think your requirements are completely unrealistic, but I agree that the current VR (1k/eye at <90Hz with 20-30ms latency) is unusable and gives me a headache. I suspect that around 2-3k/eye at 90-120Hz with 10-20ms latency will be sufficient to be usable.
Unfortunately, that almost certainly means Foveal rendering (since UHD at 60Hz is too hard and 120 is right out), which will take some time. However, it probably also means that the bandwidths might be possible to untethered mulit-Gig wireless. Having an unteathered system that used a high powered GPU would be really nice. <edited to add> http://research.microsoft.com/en-us/um/people/johnsny/papers...