The command line code is:
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./VLC.app/Contents/MacOS/VLC -vvvv qtcapture:// --input-slave=qtsound://
You need to go to the folder where VLC is located first. This command will launch VLC with a special playlist item. Double click / start it to have both video and audio output at the same time.
For transcoding & streaming, you'd need to append this term:
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--sout=#transcode{vcodec=h264,vb=1024,acodec=mp4a,ab=192}:standard{mux=ts,dst=address,access=http}
Replace dst=address with the address of your choice.
Note that this pre-release version of VLC could have problems with termination, so you might need to right-click on its dock icon to force quit it.
And yes, as soon as this feature is implemented, this will be reflected in the nightly builds. I cannot give an estimate when I'll come around to that though, since all the VLC coding I'm doing is done in my spare time. You are welcome to CC yourself to the ticket using any Open ID login (including your Google login), so you'll be notified automatically.