Maybe I should have been more clear when I posted the specs. This is not possible. Well, not without tearing your phone apart and soldering in a different CPU and camera sensor!
The chipset supports hardware encoding at VGA res, 30 fps only.
It's not remotely possible to do the encoding in software given the camera sensor and cpu. And, even if it *were* possible, you'd have to write a totally new hardware kernel driver.
Think of your PC ... you can have a 4 GHz machine with 16G of RAM, but if your video card is from 1988 and it only supports 640x480, that's all you get. Well, the MSM76xx is an all-in-one cellphone chip but the principle is the same, and there's no video encoding mode above VGA res. This is like asking why your DVD player can't play blu-ray discs.
I'm not trying to shatter anyone's dream, just be helpful so we can focus our hacking energies on things that are actually doable.