You can try using x264 Ultrafast with CQP/CRF, but an i3 is a bottom-barrel email/facebook machine. Especially a mobile SKU.
A 10 year old one is not going to have any chance of smooth recording above something like 320x240.
You need a new computer; real-time video encoding is a very computationally-demanding task. You're asking a mouse to pull a boulder the size of a house.
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