Paul, you will need to multiply your budget by 10, then revisit this idea. To do what you're asking is not cheap....even for 1 camera. You may be able to accomplish this for 1 camera via cables for $1k, but it would be an entry level solution at best.
And even then, your Handy-Cams would be the weak-link in the setup...kinda like having a Ferrari & putting 25$ used tires on it.
When I think wireless HD video, the first thing that comes to mind is the Cube rig from Teradek.
If you want wired, I'd check into the Black Magic ATEM camera converters.
Last edited by MustangsAndDrums; 05-08-2012 at 10:36 AM.
Reason: added more info
Drummer & Technical Director - Carolina Bays Church - Little River, SC
Owner - G.A.S. Powered Productions
"When you are down to nothing, God is up to something"