Playclaw records, it doesn't stream. It also costs money to get full use out of it.

My settings:

Video:
Encoder: H264
512 px X 288px    -   Lock Ratio checked
16:9   crop source to match checked
--
Target Framerate 10
Target Bitrate: 100  (was at 300 originally, reducing this value changed my ping from +250 to about +10)
Keyframe int. :2

Audio:
Target bitrate: 64
Sampling rate: 44100
Channels: stereo

There is an option to reduce the recorded portion of the screen to something much smaller for desktop viewing, however I can't figure out how to do it ingame.  Watching players don't need to see crap like my HUD (they won't be able to read it anyway), so if I can get it cut the edges of the screen off, that allows me to put out higher quality video.