How to set up streaming from two webcams or stereo camera (2x lens) to VR headset with minimal latency? I have watched Barbie doll illusion on youtube and wanted to set this up myself.

I already have tried doing it with 1080GTX + Samsung S8+ + GEAR VR + WebCam + RiftCat + SteamVR + Oculus + OVRdrop over 5G Archer C7 wifi. However, the lag is at least half a second and experience just does not work.

I am ok with buying additional equipment (different VR headset, camera, etc), but before investing in equipment I would really like someone to have already tried it.

How to set up streaming from two web cameras or stereo (dual lens) to VR headset without (or minimal) latency?
Wireless will always give you some latency (if you're not spending a fortune). I would recommend you try using sdi cables. In video-production, sdi is often used for immediate feedback to the directors monitor etc. - so you should have less of a problem with latency there.