Is it possible to dynamically import video files from a local drive at runtime as VideoClips?

Trying to play a 4k 360 Video in VR (using SteamVR) smoothly.

I have tried every Video plugin on the market and cannot play a local video file without significantly dropping FPS in my scene, from 140fps in menus down to 20-40fps with a video playing.

Videos need to be played from local drive dynamically as they are downloaded dynamically, so I can't import and encode them in the Editor beforehand.

Is there any way to import and encode my local video files at runtime so they play smoothly (as Editor encoded videos do) after the encoding process?