Is it possible to deinterlace WITHOUT reencoding the file?

Ok first a bit of background: I am recording live TV in TVMosaic (formerly DVBLink) which records as interlaced MPEG2 video in a TS container. This is to be played back in Kodi on an AFTV. Since the AFTV does not support hardware deinterlacing of MPEG2 video, the playback is horrible.

So far, I have been converting the interlaced MPEG2 video to interlaced H264 in an MKV container. Since the AFTV CAN deinterlace H264 video, this works and leaving it interlaced is somewhat faster than deinterlacing while converting.

Even without deinterlacing the conversion process still takes quite a bit of time, so I was hoping it was possible to deinterlace while leaving the file otherwise as is, with no conversion at all. In essence work like the TS Unaltered + Comskip but do deinterlacing as well. My hope is that without the conversion this might be faster. I do not care about file size since I delete everything after watching.

So my main questions are: Is this possible? Would it actually be faster? If so which Profile should I use? Do I need to setup a custom profile and if so any pointers/tips to accomplish this?

I do have a couple of older video cards (Geforce GTX 550TI, and Geforce GT 610) if putting either of these in would help. Also, would using a SSD for the “working folder” help anything?

System specs:
CPU: Intel Xeon E3-1225 v3 @ 3.2GHz (4 cores)
Video: Intel HD Graphics P4600/P4700
Ram: 4GB
Windows Server 2012R2

Deinterlacing is a video filter (algorithm), which mean the file has to be decoded, the filter applied and then recoded back to whatever format you need it.