If you have a mirrorless or DSLR camera lying around, try this first: https://news.ycombinator.com/item?id=25870161. It might end up saving you money!
I'd love to be able to tell the v4l driver for the usb capture card to just not offer the 640*480 resolution. That would fix it in a better way. Anyone have any ideas how to do that?
Regarding the capture card. The aspect ratio mess-up is entirely its fault.
Overall quality of everything is very high. Does it save money? I guess I already had the camera.
Is it a good idea to broadcast myself at that level of quality? Probably not ;)