The 720p thing is somewhat of a bug/design flaw on OBS' part due to the way. You can't use the elgato settings to change the output size right now.
However, this is also partly because OBS relies on filters to be implemented properly, which theirs isn't. They use a half-implemented directshow filter, which it basically a nightmare to code for. I literally want to jump off a bridge when programming so much exception code just to get their device working.
So basically both elgato and OBS have flaws, and I can't fix my flaw right now, and they outright seem to refuse to fix their flaw, so the users are the one to suffer, which sucks. They just would rather blame me for the problem, when both of us have issues.