Optimizing estimator of composed functions when function is known
Is there any literature about creating an estimator when you know the exact function you are estimating? 


I think streaming algorithms may be of interest to you. A streaming algorithm is an algorithm that operates on some model of a massive 'stream' of data that is simply impossible to completely store, but it is possible to traverse it and do some computations with bounded memory. Often, it is impossible to solve even simple computations with bounded memory, but answers that are correct with high probability can be found efficiently, with techniques as random sampling, aggregating medians or probabilistic data structures.