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In recent years, streamed 360° videos have gained popularity within Virtual Reality (VR) and Augmented Reality (AR) applications. However, they are of much higher resolutions than 2D videos, causing greater bandwidth consumption when streamed. This increased bandwidth utilization puts tremendous strain on the network capacity of the cloud providers streaming these videos. In this paper, we introduce L3BOU, a novel, three-tier distributed software framework that reduces cloud-edge bandwidth in the backhaul network and lowers average end-to-end latency for 360° video streaming applications. The L3BOU framework achieves low bandwidth and low latency by leveraging edge-based, optimized upscaling techniques. L3BOU accomplishes this by utilizing down-scaled MPEG-DASH-encoded 360° video data, known as Ultra Low Resolution (ULR) data, that the L3BOU edge applies distributed super-resolution (SR) techniques on, providing a high quality video to the client. L3BOU is able to reduce the cloud-edge backhaul bandwidth by up to a factor of 24, and the optimized super-resolution multi-processing of ULR data provides a 10-fold latency decrease in super resolution upscaling at the edge.