Hi Ryan,
Yes it is possible, but you’ll have 2s+ delays in the video and can be much more worst if the processor or the system start to hangs (high cpu temperature and power consumption).
But… If you really really want to use it, you’ll need to study gstreamer pipelines and read some good documentation to build your own gstreamer pipeline, start with x264enc, but the final result will not work as the way you want.