Chemical do you have a program like fraps to record the tournament and a headset for good sound quality?
Not sure for what you want fraps, but don't use fraps for streaming, it's not even possible I think. If you are going to cast the game, use OBS and save the source file while you are streaming -> 2 birds with 1 stone.
Also, if you want to just record something, you can use OBS as well, it's free unlike Fraps and has many more settings.
And don't know if you meant it like that, but headset doesn't influence the sound quality of your recording.
Some tips since you don't seem to be really experienced with streaming:
1)Use OBS, best tool out there by far, it's free and has tons of plugins and use that much performance to render preview like other tools.
2)Stream 720p with 30fps, unless you have powerhouse PC you will be happy to get this without stutter.
3)You need powerful CPU and decent internet. Either really good Intel i5 or decent i7, otherwise you won't probably be able to stream HD (720p).
4)Use bitrate around 2000, your CPU and internet won't probably be able to handle much more
5)1080p 60 fps = 6000 bitrate, 720p 60 fps = 3000-4000 bitrate, 720p 30 fps = 2000 bitrate
6)Record DP in borderless, otherwise the stream is going to go black everytime you alt tab
7)Use twitch.tv
Well that's probably all I can think of right now
