Outputting to monitor via camera/comp setup

I am going to start working with Photoshop and After Effects shortly, and was wondering if I could buy a cheap miniDV camcorder, firewire to the comp, then connect the camera to an average TV set and view my "composites" like this while using both Photoshop and After Effects? I know it can be done with FCP...

Is this viable? Thanks in advance.
 
PS CS2 has a video preview function via firewire, as does After Effects. I use an old Canon ZR45MC for that and as a capture deck.
 
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