Great, 720p4mpbs runs about 4-5mbps for either 30 or 60fps content now. And CPU is always below 150%, sometimes below 100%. Clearly no overclocking is needed. This is really fantastic progress in such a short time. Did you end up figuring out how to keep the scaled frame in the GPU for encoding?
I think with a bit more testing (including h264 content, which I don't have in my setup), the Pi4 would be an easy recommend for a highly affordable Channels DVR server.