I was talking about on running for the first time you get Auto Config Wizard, also available under Tools, and that only gives a choice between 30 and 60. Needless to say I don't fully understand yet.
I don't either, why the wizard limits you to that. All it does though, is do some tests to preset a bunch of settings for you. So just pick something close for the wizard to use, and then fix the actual setting later.
Why are we talking about 31?
It's something that I know is not standard anywhere, just to show that it's not limited to what it already knows about. That's all.
should I change the video setting from the Wizard default to 25 or 50?
I'd say 50, and see if your hardware can keep up. It helps a lot to have a canvas that actually matches the incoming video, and not try to upscale. (fewer pixels per frame) I've seen some good subjective results from upscaling PAL to 1080p50 or NTSC to 1080p60, but you're technically not adding anything by doing that. If you record with good enough quality, then you can upscale it later and get the same result.
The reason to go with the faster frame rate is because it's interlaced, and you're going to convert it to progressive. (that's the i or p in 1080i or 720p or whatever) Interlaced draws all of the even lines in one scan, and all of the odd lines in the next scan, then even, then odd, etc. You have 50 scans per second for PAL, but only 25 complete frames if you must have *all* the lines before you count a frame. That, plus persistence of vision, gives a much better picture on the limited technology of the time, but presents a problem today because the two scans (and in fact every position on the screen) are still different moments in time.
So there are a bunch of de-interlacing algorithms to choose from, even in OBS. (right-click the capture source...) Play around with those, and their settings, to see which one gives the best result. Using the higher frame rate in OBS allows some of them to do all of what they're supposed to do, by filling in the missing lines to convert each scan into its own frame.
If it turns out that the best one for what you're doing, produces the lower frame rate, then each frame will simply be shown twice. If you happen to know that, then you can drop OBS to 25, but it doesn't hurt much to keep it at 50 and let it duplicate every frame. The encoding is based heavily on the difference between frames, so no-difference hardly takes anything in terms of bitrate or storage space. It does, however, require the computer to process/render each of those frames separately, just because it always does until it gets to the encoder. So the higher frame rate does require more work *while you're recording*, even if every frame is duplicated. Maybe that's significant for you, maybe not.
(Though if it *is* significant, then I would expect you to also have trouble with 1080p10, just by estimating the number of pixels per second. That's another benchmark test that you wouldn't actually use as-is, kinda like the 31fps above.)