Ok, is official: streaming at 14 FPS over a serial link. True, is only B&W and 160 x 120 but is still a record, a personal one. I am trying to get 10 FPS on a 460,800 bps line or even better: 230,400 bps! Then I can stream images over a wifi/bluetooth link.
Update: Already come up with a solution to get almost 10 FPS @ 230,400 bps and works pretty well. The main issue now is to optimise the CTS client and add support for image compression.