I've also been trying to lower the delay and decided to try the ffmpeg route. It's a lot worse for me than OBS-MonaServer-OBS on my low powered laptop. :(
I was able to get similar (7 sec) delay but only around 10 fps if I removed "-q 5" from the command line and let it decide the -q value itself, but the image quality tanked. With OBS encoding I can get 30 fps with "only" around 35% CPU utilization.
Just thought I'd share to save someone else the time.