My knowledge of OBS and fps is limited, but some quick suggestions to try. I don't believe pov demo recording will effect fps at all. It doesn't affect performance to my knowledge (at least not noticeably). OBS does have an effect on fps, there's not much way to avoid this (in fact, some people don't play matches while streaming because it effects fps).

Easiest thing to do would be to turn your quality down. See if a quality of 7 or 8 changes your drop in fps and if that's a quality you are willing to accept.

Next see if changing your max bit rate affects anything at all. I don't expect it to change anything unless you are streaming, but I could be wrong.

Finally, if you need to record and need 132 fps (and you can't change OBS), turn down your in-game settings/resolution. Run an fps config like chris's (if you're not already), turn down your resolution, only output to one monitor, make sure all external programs are closed, etc. Just general things that would increase performance in general.

Quality 8, bitrate 3500

Are you using screen capture or game capture? Game capture let's me record with barely any performance loss at 720p 60fps. It might also help that I'm using a quad-core, though.

I've only used game capture.

I tried lowering the quality all the way down to 7, and tried lowering the max bit rate, but I still get lower fps. I guess I'm either gonna have to make it look like crap or just forget about it period. :(

Thanks for the help anyway.

You're already using msi afterburner, why not use it?

You should also get a separate Hard disk to record onto.

use prec, and record your mumble comms. Then use bandicam or lawena/vdub to make a video.

The whole reason that I decided to the local recording thing is because syncing up a pov with mumble comms and making a video out of it is a -huge- pain in the rear. Call me lazy but I just want the convenience of a local recording.

I'm wondering if overclocking my gpu would help with this at all, even though it's most likely my cpu that can't take the load. My gpu happens to be oc'able and at the same time run cooler.

If my last sentence didn't make sense, check out the following link. http://forums.macrumors.com/showthread.php?t=1142028

Maybe i'll try the msi thing that jp recommended, but it seems like more of a pain.

If you have 200 dollars, buy this plus a fast 32GB SD card. http://www.amazon.com/AVerMedia-Portable-Capture-Xbox360-60Mbps/dp/B00B2IZ3B0/ref=sr_1_1?s=electronics&ie=UTF8&qid=1365761156&sr=1-1&keywords=avermedia+live+gamer+portable

Do you know if that has the same screen tearing issues on 120hz like the Avermedia Live Gamer HD capture card?

No, there is no job on the GPU regarding the encoding process.

After you get it setup, works great. The software doesn't allow binding a mouse button to the push-to-talk feature so I use a separate software.

A note...have you ever reduced the video resolution?
also you're on a laptop, isn't the disk speed 5400rpm? That's too slow.