Netflix will probably size the download from the android. What's the resolution of your Android screen? Personally, I imagine it could be done, but that you won't get hdmi - there will be some bottleneck. For 30 fps you'd need most of 10MB/S all the way through the system.
1920 x 1080 x 30; divide result by 8; Add approx 1 MB/S for the sound track, and 10-15% for protocol related stuff (perhaps parity bits, checksums, headers/footers & talk back).