After reading this I had the idea of trying to throttle my current connection to simulate high latency, and try some test streams. I found this really helpful tool:
http://jagt.github.io/clumsy/
Using Clumsy I forced a ~700 ms ping on myself, and tried a couple test streams on my current < 1mbps connection. Both results looked like this:
http://www.twitch.tv/xephtest/b/584705384 - a lot of choppiness at the beginning, but eventually settling down and becoming smooth. My stream was behind live by about 60 seconds each time (I streamed for 2 minutes on that video, but Twitch only caught 1 minute of it). So, I'm wondering if going above 750 kbps on the new connection would kinda force me back into the 750 kbps realm no matter what, based on what Reboot said.
As for the stability and throttling etc. of the satellite connection, they have a meter-free time zone of 12am - 5am every day where there is no throttling or data usage counting at all, which is when I would plan on streaming with this. Other users with the service have reported higher than average speeds in a lot of cases - the company advertises 12down/3up, and many people have been getting 20+down/4+up. I know it varies, but I'm willing to take the speed and stability risk as long as there is no technical reason why OBS or Twitch would drop all my frames due to huge latency.
I know satellite sucks and the only reason I'm considering this is due to the major speed advancements they've made in the past couple years, combined with the fact that I just can't move right now. I won't be dropping my existing connection, they would both be living side-by-side.
Thanks for the responses guys! Any more info or experience on this topic is greatly appreciated.