Best way to achieve delay play (chase play)

Seeking advice on what is the best way to achieve a delay play (chase play) using Blackmagic products.

I am planning to have an ATEM 1 M/E in the main production feeding to a ATEM TVS on another floor. However the secondary room needs to have control over the when to play this feed, usually a 5 minute buffer, from the main production. Originally I was hoping that Hyperdeck can do a chase play but staff has confirmed that's not possible.

I am wondering how delay play (while the feed is still being recorded). Can I use:

1) ATEM TVS's h.264 file
2) a H.264 Pro Recorder
3) Ultra Studio SDI

in conjunction with the free Black Magic Media Express software to achieve this? Or must I have something like Telestream Wirecast and an additional computer to do this?

We're trying to keep costs to a minimum.

a noontec v6 home movie device is what we use. we feed the down converted output to the noontec then use time shift to create delay, then feed the vision back into the atem via hdmi.

hope this helps

jason