Tethered Internet Connection to view on Apple TV

Hey Guys,
I've been working on something for about two days now that I haven't been able to figure out and finally needed some help to see if it's even possible. Here's the idea: I want to GET RID of my cable/internet service at home; I want to watch tv with my Apple TV by somehow airplay mirroring my macbook air which would be connected to the internet via my tethered cell phone.

Macbook Air 2012 1.8 GHz intel core i7, 4gig DDR3, OS 10.8.2 Mountain Lion
Droid 4
Apple TV ver 3
Latest Time Capsule 2terabyte

So, I have my cell phone which I'm able to tether to my Macbook Air with Mountain Lion. It tethers just fine and I can surf okay, so thats okay. I thought that was awesome, but realized if I tried to mirror onto Apple TV (WITHOUT my verizon fios network) this didn't work...Apple TV it seems needs a router or something for a connection, or more simply said for someone like me, that I can't make my Macbook communicate directly with the Apple TV. So I got a Time Capsule because I needed to back my stuff up anyway and it has that airport capability. I tried to make a new network with the Time Capsule (which was not connected to the present Verizon Fios Wifi..since, again, that is what i'm trying to get rid of), so that I could somehow relay the tethered internet on my macbook to the time capsule which would then communicate to my apple tv, which would accomplish the following: I could press the "airplay mirroring" on my macbook and it would show up on my TV. I dunno what the heck is going on with the Time Capsule and to be honest though, since I'm new to networking.

Does this idea seem feasible or possible? Has it been done? If so, I apologize, I didn't see anything on that in my searches. All of your help is amazingly appreciated.

Best,
Chowder

PS: if that's not possible, could I tether my cell phone to the Time Capsule and run an internet network like that?

First thing that comes to mind is data caps and reaching them day 1 out of 30.

I'm good on data, unlimited...I'm doing this because I'm not a heavy user, I have like maybe a half our tops during the work week to watch tv...this is mostly for the weekends, or if I play a DVD on my laptop (i don't have a dvd player other than the macbook air)

The Apple TV absolutely requires a WiFi or wired Ethernet connection for communication with any other device, and generally requires an Internet connection to do anything for authentication using your iTunes account (for Home Sharing, etc.) I don't know if this (needing an Internet connection) applies to Airplay or not because I've never tried to use Airplay without an Internet connection, but that could be something to look at. If your phone works as a router, and you can connect both the Apple TV and your MacBook to it so they can "see" each other on the network, this should work.

I travel a lot for work and in my hotel room I use a Verizon LTE Jetpack which I connect both my Apple TV and iPad to through WiFi, and then play movies over Airplay from the iPad to the Apple TV. In this case, both devices do have an Internet connection through the Jetpack.