There's a really awesome video on youtube about just that. It's one of Google's Tech Talks with Prof. Thad Starner - a pioneer of the whole cyborg thing at MIT/Ga Tech. A word of warning before you click 'play'... it's an hour and twenty minutes long, and full of really great info about wearables. Towards the end, he starts talking about brain-to-computer interfaces: where they're at now, and where they would like to go.
YouTube - Reading Your Mind: Interfaces for Wearable Computing
Apparently, half of what you said is currently possible, but far from feasible (as the other half is not currently possible at all).
In my opinion, real optimization between two separate entities is a two-sided process. In the case of computing, the Computer must evolve to better interface with the User, and the User must evolve to better interface with the computer.
So I guess here's an interesting question:
There are seemingly few that would be willing to devote the time, energy, and/or money to creating a wearable computer. If you had a wearable computer, what would you use it for?