The only way to do it in the Pro version is with scripts, and since the Studio version doesn't support scripting it's unlikely.
That being said, there's a free add-on called DebugMode Frame Server. This lets you use other programs in place of output files when rendering. If you can find a program that converts a video stream into a .png sequence you could tie it to Vegas with the Frame Server and choose that when rendering. Vegas will think it's rendering to a file but each rendered frame will get sent to the other program instead.
VirtualDub probably has an image sequence plugin that could be used with this method.
I just looked at Frameserver, thanks for the info. According to their web page, they say you can export to an image sequence directly from Frameserver.
Is virtual dub definitely needed? Can VLC do the same thing?