I was able to get a basic one working with a custom ffmpeg ppa version:
ffmpeg -i %s -ss %o -t %d -s %wx%h -r 30000/1001 -vb %bk -vcodec libx264 -preset ultrafast -acodec libvo_aacenc -ac 2 -ar 48000 -f mpegts -
Only problem is that seeking within the file doesn't work with this option
