It really depends on the version of Fraps that you have, and your computer specs.
The version I'm using (2.6.0) has a max resolution of 1024x768, then as you said, halves any larger resolutions... Fraps is incredibly hard disk intensive. So that will be your limiting factor.
About Vent-- if at all possible use a second pc to route your mic through for voice communication. I know of no other way to separate the audio recorded.
I think when I record a 20 second clip in 1024x768 max settings and it turns out to be 373MB, it has to be giving the disk a good spin or two.. There isn't much difference between settings in-game. 4x AA, advanced graphics options... Just make sure your video card can support it.
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