first - not my area of expertise, so awaiting a more knowledgeable reply
in the interim
that CPU is ultra-low power CPU, so hopefully you realize you expectations should not be high for the computationally demanding task of real-time video encoding... I'm guessing a QuickSync based approach on that laptop, but just a guess on my part
and your request is sort of like what is best car/truck/motorcycle/bicycle/camera - it depends on what you are looking for
Higher quality takes more CPU and disk space, in general. And like the adage says "backups are worthless, restores are priceless".
Recording itself is fine, but you plan to use those recordings, right? That will drive some of your requirements (both video encoding format, and more). How you plan to use those recordings will make a difference. Assuming you plan to edit those files, which editor (yes, it makes a difference)
So more clarity on what you are trying to accomplish will help guide the answer
ALSO, really important, is to know how busy the laptop will be (basic Hardware resource monitoring using Task Mgr [Performance] and/or Resource Monitor). ie, if you are gaming or using video resources that are demanding you will have less CPU available for encoding