Now that seems to be a useful option to look into.
From the first quick test, the debug region does follow my vision pretty well, but it's not what I would call "instantaneously". For small eye movements it works but for flicking left/right it takes a tiny moment to get there.
Is there a way to get this overlay without streaming? Would be useful to test without any network delay, just to rule one component out. I might have to pick up some standalone games with foveated rendering to do some more testing.
For the blinking issue, it might be the VROptician comfort lenses. With the lenses installed, the debug region flicks to the bottom right for a moment after opening my eyes again. I sent them a mail asking about it.