Bitrate CAN help quality, and is REQUIRED to minimize/eliminate certain issues.
3500 is again RIDICULOUSLY high for a 720@30 stream. It will give very poor viewer results due to the added bandwidth needed to watch it (above 2000kbps, many viewers will get stutter... some even then!) as well as processing needed to decode it smoothly.
You have reached the point where more bitrate can only help so much. You need to use a slower preset in conjunction (which an i5 isn't going to be able to handle).
Additionally, if you are using a downscale, it will cause text to get blurry. Same if you are resizing any on-screen elements; they'll blur even worse.
For BEST quality, you'd need to run your primary (game) display at 1280x720, as well as set your OBS custom resolution to 1280x720. You'd need to rescale any on-screen assets OUTSIDE of OBS to fit the scale of a 720p display; preferably with PNG, and using alpha transparency prior to the resize on any assets with transparent elements (to allow dithered edges). At that point you will be running with no rescaling, which will maintain sharpness all over.
Additionally, with only a 720p display to drive, you may be able to enable more graphical options and even antialiasing in-game to provide an even better visual presentation.
You'd also need to use a Medium or Slow preset (careful, needs a LOT of CPU there, your i5 isn't going to cut the mustard at these presets) and may want to bump your framerate a bit as well... for some reason, even going to 45fps seems to make games appear 'clearer'.
I suppose you need to define what SPECIFICALLY about your stream appears less than 'crisp'. And don't say 'everything', that just puts us back to square one and is a useless answer. Is the text too blurry? Are the colors less vibrant? Are you getting inordinate amounts of blocking?
In the case of the last one, sometimes you also have to learn the trick of 'managing expectations'. You will NEVER have a 1:1 stream. The video needs to be compressed.
tl;dr: Given the amount of text you're using, I'm going to guess that your issue is that text gets blurred quite a lot. This is due to the downscaling. Run OBS at 1280x720, run your game at 1280x720. It will very likely help quite a bit. Downscaling from 1080->720 is going to induce a lot of blurriness, and this is about the only way to avoid it entirely.