I think the processing power will be a factor in how effective this is, as it takes lots of ram and processor to manipulate video. As the ChromeOS is partially in the cloud, you will certainly need lots of bandwidth for those solutions too.
I have the same problem with my chromebook and have tried many video editors. The one editor i really liked was wevideo. Although the free version has a giant annoying watermark in the top corner. But it is simple and I like the way it has loys of tutorials on how to do things on there website.