Hi Brigette,
It’s possible, I’ve done it, it was a while ago with Final Cut Express, it was a hack, but it IS possible. It was a desperate solution to try to get a video off a computer when ethernet, hard drives, and burning DVD’s failed to work. It was a bad day, but it saved the show. Not something that’s been useful any other time, though.
If I’m understanding you correctly, you’re trying to get a faster, real-time export of your video sequence with the real-time video rendering over FireWire, rather than rendering and exporting a QuickTime file. Is that right? If that’s your goal, it’s not going to be a faster or more efficient use of resources — if you’re using TWO computers to do the job, is it actually better? Even if it’s faster or whatever, the export process is tying up TWO usable machines, not just one. And, rendering/exporting is usually much, much faster than “real-time”, anyway. (e.g., exporting and rendering a 7-minute sequence takes 5 minutes — whatever, depends on your effects.)
Do you have a special situation that requires this kind of setup? You trying to capture an edit into a different program, or into iDVD for a quick burn? Do you need to rescue a project off of a dying machine? Or do you think this’ll save time?