well you are correct in your assumption about the cpu. I spent some time today watching my cpu activity closely and it seems that obs spikes to 85%+ usage for a second or two then returns to ~ 60% for a few seconds. This process repeats over and over until I de-focus from the window (or run it in bordered window mode) in which case it drops down to a pretty steady 35%
I've run x-split before and I never seemed to have any problems so just out of curiosity I ran it again today with the exact same settings (or the closest I could configure) and watched the CPU usage closely. the video encoding process (don't remember the name) was only ever using ~30% of my CPU at any given time.
from everything I've heard obs is generally a less demanding streaming program, so unless I'm mistaken, something isn't working right somewhere.
on a semi related note I tried setting the CPU affinity for OBS to all but the first thread, this seemed to improve the fps a bit (went from 15ish to 20 with spikes of 30) not sure if this means anything but its still pretty low.
pps. I tried disabling the preview and the problem persisted.