Live video for a running race

[suutrackandxc]

I'm looking to buy a camcorder for hopefully less than $500 that gives me the ability to stream live video from the back of a pace vehicle. I have used Ustream's app on my cell phone which works but obviously I want an upgrade. My phone is 4G and the speeds seem to be sufficient for what I need. What I need help with is equipment and then maybe suggestions on how to link it to the internet. I have a wifi tether app on my phone as well so I was thinking of just using a wifi camcorder, linking it to my phone and broadcasting like that. Is that even possible??

Thanks