Forgot to mention, the Avermedia hardware encoding also looks like poop.
Yes, you can use the capture card without using the built-in encoding (and their software, RecCentral) just by loading up OBS and selecting it as a video capture source. It just acts like a webcam. One with very high fidelity, as it's grabbing the video source directly.
Doing it like this will NOT lower your CPU usage though. Only way to offload like that (currently) is to use RecCentral and deal with the stream looking poor.
If you have a multi-core system though, and are concerned with the encoding eating CPU cycles that your game needs? Set the processor affinity. You can open the Task Manager, go to the Processes tab, find OBS, right-click on it, and Set Affinity. Uncheck half the boxes (and remember which ones they are!) I'd recommend unchecking the FIRST HALF of them (as Flash has to run on Core 0, and can't be steered away). Then go to your game in the Processes tab, Set Affinity, and uncheck the other half. So OBS only uses half, your game only uses the other half, and neither will (should) interfere with each other.
Down side, you'll have to do this each time you restart OBS or the game (as they revert to all-cores for the default affinity). But if you're getting weird in-game lag, it's something to try, at least.