Can VideoLan convert live streams and broadcast it?

[Uno]

I'm borrowing some media content from somebody else where AV signal is converted into streams of MPEG 4 by Pinnacle Streamfactory X2. The problem is that the set-top box I'm testing supports only MPEG 1/2, video streaming. Can I use VideoLan to convert the live MPEG 4 streams to MPEG 1/2 and broadcast in the new format at the same time?

[markfm]

No idea about VLS. VLC, however, does do on-the-fly transcoding. Not sure if it supports what Pinnacle is putting out -- you would need to try it.