You'd need something from Matrox, BlackMagic or AJA. And you're locked into editing in one of their presets to get that video out.
The lag from FireWire is generally very small. It shouldn't interfere with monitoring at all. And for recording, you'd be sending the audio out via FireWire as well, so there'd be no delay at all.
Jim is right about Firewire. There are a lot of set-top DVD recorders out there that have Firewire inputs. I own two of them. A JVC and a Panasonic. Hook your monitor up to a DVD recorder via the component output.
Thank you both