Fraps is by far the best program for recording this kind of stuff, at least in my opinion. The file sizes will be huge but the quality is great, too.
At least I didn't manage to change the FOV in a demo, I hope you can change it somehow, it'll be really annoying to watch if you change between 90fov and 140fov when the scene changes.
Well anyway, good luck with your project, I was thinking about making something like this but thanks to my laziness I never started doing it.