Simple demo:
vlc --sout="#duplicate{dst=display,dst='transcode{vcodec=mp4v}:std{access=http,dst=0.0.0.0:8080,mux=ts}'}" --ignore-config  --use-stream-immediate movie.avi &
vlc --use-stream-immediate http://127.0.0.1:8080
and
vlc --use-stream-immediate http://127.0.0.1:8080 --auto-adjust-pts-delay

You'll have to wait a bit until the pts delay is auto adjusted. Generally it takes 2-4 seconds, because access set a very high default pts delay value. One amelioration would be to lower the pts_delay when this option is set to allow a quicker convergence.

The general algorithm requires some tuning, but results are here.

Note, this only works if there is a video track. A similar function could be developped for the audio tracks.