Yes, you can connect your Android phone to the glass for data transfer, for example, to receive Internet content. This can be achieved using Glass to WiFi (but you need a phone to install it for the first time), or Glass to connect to Bluetooth, if your phone supports a Bluetooth modem, which is often an option for the operator.
If you are a glass researcher, this should have been explained when you raised your glass, but you can contact Glass Guides for more information, if you are Glass Explorer, you will have this contact information. I found them extremely useful and interesting for dealing with usability issues. It does not hurt that if you visit them physically, they will bring you pleasure and drinks.
If you ask if you can open the socket directly between the phone and the glass, this is not supported, but you can request it . Perhaps when the GDK becomes publicly available, but there is no time limit for this.
If you want to do the calculations on the phone and transfer them to the glass, they will have to go through the cloud, as described here . Check out the How Developers Interact with Glass section and accompanying graphics. I find it fast (with one second with good connectivity), but it is subjective, your speed needs are not defined in your question. Please note that each trip will be counted against your daily API console limit, which is 1000 for most users. There is also a limit of 10 requests / seconds.
Last note - there are unsupported ways to directly talk between Glass and the phone for a device that you have direct access to, but this is not supported and cannot be easily used by other Glass users. Methods to achieve this are outlined at the 2013 Google I / O Session: Disclaimer of Your Warranty: Hack Glass .
This forum is not suitable to discuss this, if you would contact me directly, I could somehow give you some pointers in the right direction, but I do not recommend this route at all.