OBS Studio setup (UVC/UAC)—recommended
LGP2 is a USB Video/Audio Class (UVC/UAC) device so there are some differences in setup in OBS Studio.
Step 1. Select Live Gamer Portable 2 as device and choose your resolution
Step 2. Check the Use custom audio device box and select Microphone (Live Gamer Portable 2) as audio device
*Do not change Audio Output Mode, keep it at Capture audio only to avoid audio latency.