That is an OLD mobile CPU, optimized for battery life, not the computationally demanding task of real-time video encoding.
I recommend monitoring hardware resource (CPU, GPU, RAM, Disk I/O, etc) utilization [for ex. using Task manager’s Performance tab and/or Resource Monitor] to see if your system is being maxed out with your settings
https://obsproject.com/wiki/General-Performance-and-Encoding-Issues and
https://obsproject.com/wiki/GPU-overload-issues
Be aware that your PC is old, and under-powered for such work. IF it will work (and I don't know that it will), you are going to need a simplistic OBS setup, and optimize OS and OBS for an under-powered PC.
I tried to stream with an Intel i5-6300HQ (2.3GHz 4c/4t circa Fall 2015), 8GB RAM, SATA SSD Win 10 Home edition, Nvidia GeForce GTX 960M and failed as the PC wasn't up to the task (no gaming, just alternating between USB webcam and simple pre-recorded videos, alongside a PPTx slide show window capture, streaming at 720p 30fps with no OBS effects/filters). I’ve learned a lot more about OBS since then, and I might be able to just squeak it out, but wasn’t worth it
So 3 generations older CPU, and lower end GPU (doesn't it even support NVENC??) than what I had ... uh, be careful with expectations.
Taking so long to start would indicate a couple of possible things
- being out of RAM
- running on HDD vs SSD (Task Mgr would be able to tell you if this is the case)
- You may be making things worse in OBS by using Studio Mode with requires 2X the video encoding processing workload
- to truly reduce workload, start with base resolution (now 1366x768) and output resolution (in logs at 1280x720) to same resolution. Yes, I know you don't want to stream that way.. start with same to see if you can get this old system to work at all