OMAP L138 RAW RGB Capture Capability

Hi,
My application is basically a video streaming project. I choose OmniVision OV6946+OV420 as the CMOS camera + video A/D converter. Since the output from the A/D converter is only a 12bit RAW RGB data, I need to convert it into either RGB565 or YCbCr(4:2:2). In fact I found that the OMAP L138 's VPIF has the capability to capture raw image, but there is no information related to the colour interpolation/democaication capability of the VPIF, please correct me if I'm wrong. So my question is...is it possible to convert the captured RAW RGB to either RGB656/YCbCr(422) using the VPIF with less processor ahead?