Kalle and Tuomas have been working on getting XV support in xorg for
omapfb, which needed a few kernel patches.
If you are feeling adventurous, try a kernel from
http://dominion.thruhere.net/koen/OE/omapfb-overlay/ with omapfbplay
or xf86-driver-omapfb (or any other app that knows how to drive /dev/
fb1 properly) and tell us how it went.