Hi Sean,
We are actively working on this and even have a prototype running on Pixel.
So far we have webgl rendering into a hw overlay plane as it was the easiest to prototype, but the overall plan is to expose overlay machinery into Chromium in general enough fashion for use with other things, like video, parts of UI, etc.
So far we still have some issues in our prototype in that atomic flip for planes is not yet supported and I haven't figured out how to control orientation of the buffer yet, webgl needs a flip_v to show up correctly.
Perhaps you and your team could assist, we'd love to work together on this. Feel free to ping me individually for more details.
Thanks,
Alex