So yes we can do some of this already with existing technology. Results will vary in quality. Currently, we can change and mimic voices with models and using the transcript with appropriate inflection you can get some authentic sounding voices cloned. In terms of swapping the face, I use Rope (Github), which is a wrapper for Insightface, which uses a stable diffusion like process and you can import the video into it, it will track the face (you can have multiple faces like in LR VR, or just multiple people in general) and then you choose images of the face you want to swap. It works best to have the face with multiple angles and multiple lighting conditions if possible, I use like 15 images per video. The software then steps through each frame, identifies the face and swaps it for the desired face.
Things that will cause problems include if her face gets occluded (like she is sucking dick) or if she is too close to the top of the camera lens or just getting too much lens distortion on the face. The software doesn't really know how to handle this. Of course, to move the technology forward, we would need a custom solution tailored for VR, either by projecting the video onto a flat rectangle before swapping the face, or training a custom model that can learn how to swap a face that is very distorted by the curvature of the lens. I have some ideas but would need time to play with this to see what works and what does not.
Currently, there really is not a full body swap technology either, but again that can be something that can be worked on in a similar method that the face model was trained on as well. If people want to try this I recommend starting with a trimmed video where the model is mostly in the center of the screen for best results, maybe in missionary or riding as long as she is not too high up.
In terms of how long this takes, I have an i7-10700K CPU @ 3.80GHz with a 3070 and the process tends to take about 3-4x the length of the video, but this will vary a bit depending on resolution and frame rate.