Not really. You might try 240p@10-15-20fps, single player games only.
i5s are great for gaming machines, but run out of gas when tasked with the ridiculously heavy computational load that real-time video encoding carries. Even worse when they have to handle the load of gaming at the same time. That said, 240p@20 isn't going to be too heavy, so it may be worth a shot.
Short version though, you need more upload speed, full stop. Even 1mbps is considered badly choked.