Update: Live Streaming Support Now Available! 
The plugin now supports live streaming with RTMPS broadcasting!
What’s new:
- Create live streams directly from the composer toolbar menu
- Get RTMPS credentials instantly via Cloudflare Stream API
- Stream with OBS, Streamlabs, or any RTMPS-compatible software
- Automatic recording enabled - streams are saved for playback after broadcasting ends
- Same
[video-stream id="..."]BBCode and adaptive player for both live and recorded content
How to enable:
Set video_stream_enable_live_streams to true in Admin → Settings → Video streaming
See the updated OP for full details on the live streaming workflow.