can ZoneMinder reduce video stream quality?

[m4rtin]

I have three 2megapixel IP cameras at home. At the moment they both record at the full quality settings and I don't want to change it. However, I would like to watch that image live over the Internet. The problem is, that the upload of my Internet connection is 1Mbps(and it is expensive to upgrade on 2Mbps or 4Mbps). 1Mbps upload is enough if I set cameras for low quality, but I want to record at full quality. So is there a possibility to set up a server, which takes the full quality stream from cameras, records it on a HDD and after that immediately converts it to a lower quality(less bandwidth) stream and I can connect to that lower quality stream over the Internet?

[zoneminder]

You can set a lower jpeg quality for streamed images (Options->Images->ZM_JPEG_STREAM_QUALITY) and also set a bandwidth specific frame rate and image scale for streaming via Options->* B/W->ZM_WEB_H_VIDEO_MAXFPS et al.