The built in GPU of any sem-modern Intel CPU can do that for you no problem. Probably even the older ones in those corporate computers. Just check for QuickSync support. If you want something seriously low wattage that can still do one or two 4K streams, get one of those mini PCs with an Intel N100 for cheap.

I’ve not had any wear like that on my deck, but I’m not crazy hard on controllers. At worse the whole stick can be pretty easily replaced. The repairability on Valve hardware gets a high priority.