I like those BIG files. OBS has some compression hooks in it before the initial save which cannot be sidestepped. Fraps artificially brightens things, it doesn't look bad at all though. It would be my choice if I wasn't using old-version razer cortex. It dumps enormous files also.
OBS would be my stream choice.
200 fps seems unrealistic. The file-size is only going to get larger.
If I can pull 40-45 FPS for video I am happy. With my hardware, I can do that on med-high resolutions in a no-hud orbit cam follow. Playing while recording, like you do. I'd have to turn in game resolution down to avoid unplayable stutter. Just choosing to spawn in is like turning on the lag switch. This is on a system that has a 4870*2 , A single 4850, 4870 will hold 99 on a (0-100) FPS counter under any resolution, any condition. Video chops the FPS in 1/2