I'm not sure if this question was asked before. Is it possible to record live video straight to your device vs using the onboard SD Card?

What like this

retracting answer

I managed it..

There's an app for iOS called iRec that will allow you to record what is displaying on your iPhone screen.  I loaded iRec and was able to get it to record my iPhone screen with the video and the data displayed.  However, it's not approved by Apple, and some people have had issues.  It's truely a "use at your own risk" situation, and there does appear to be some risk.  You can learn more in this thread:  http://www.phantompilots.com/viewtopic.php?f=27&t=23008.