So x32 it is
Why do you suggest 32 bit word length? Is generally larger/faster RAM sizes only available with larger word lengths?
An x32 chip will have four times the bandwidth of an x8 chip, for the same clock speed.
Is a line equivalent to a bank? Just to clarify terminology.
No, A SDRAM chip might have four banks - and the rows (lines) and columns are in each bank.
Would it be best to choose a 16 bit word length to accommodate for the pixel depth as HDMI can support a pixel depth of 8, 10 12 and 16 bits? I do not think that my application will always be limited to an 8 bit pixel value.
No. Take your max pixel data bandwidth (approx 450MB/s for 1080p, 24bpp) double it, and add a little bit more for overhead, and that is the minimum bandwidth needed to buffer the video stream - e.g. 1GB/s, or a little bit more. If you want to process that video in memory (rather than on the way in or on the way out) you will need to double that again. If you want to do 48bits per pixel, rather than 24, then you will need twice that again. If you want to overlay from SDRAM you will need another chunk of bandwidth.
Best bet - use 30 bit pixels internally, and pad or truncate incoming data to fit, and then use a x32 SDRAM chip, or two x16 parts. See how the numbers work out.
If that doesn't work out, use two different memory controllers, and ping-pong frames between them (write to one while reading from the other). That halves the memory bandwidth.