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You want to watch IPTV via VPN to avoid blocking, firstly check the provider is OK with this as accounts can get locked if the abuse detection system was set up by a muppet.
Next up before you throw money at the situation, why not test that your choice of VPN provider and IPTV provider work well together? Follow the instructions IPVanish provide and set it up in your Android box. If it works then flash the router with DDWRT and see if it will manage to provide a suitable amount of bandwidth, in general consumer routers lack an FPU or any form of hardware acceleration for encryption, this is slowly changing, but only at the ‘prosumer’ end of the market for now (prosumer=£££). If what you have can do 10-15Mbit then you’re probably fine for 1-2 streams as most are 720 at best.
I have a general and long standing hatered for almost all android based STB hardware, it’s usually horribly designed/supported and genrally an inefficient POS, the exception is the Shield.