Found this nice "little" software called PixelConduit that can do live video feed manipulation and compositing. It uses node-based workflow and can also work with stereo inputs, multi-display output, queing, staging and a lot of other stuff. Unfortunately it seems that it is for Mac only... Pricing for full version is 119$ which is really cheap for what it can do.
Homepage: http://lacquer.fi/pixelconduit.html
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