Okay... I installed AbelCam 2.2.4 on an AMD64 X2 5600+ 2.8ghz WinXP Pro SP-3 and did some testing.
I, too, can not see a caption or overlay on the WMV streamed images. Also I see that the mirror and rotate options have no effect. It looks like what is streamed is the image you see in the Raw Preview, not the Configured Preview. I think this may be by design.
I tested with an Orbit AF since I don't have an MP handy. According to Logitech's official "matrix of cams, sizes and rates" both your MP and my AF are capable of 640x480 at 30 FPS. I took the same NTSC profile you mentioned and edited it to use 640x480, and gave it a new name so I could be sure I was actually using it.
My Orbit acts the same as yours: no matter what is in the Profile, and no matter how AbelCam's Size & Orientation items are set, as soon as the Video Server is started the output of the Capture Pin (as seen by clicking AbelCam's Format button) falls back to 320x240. I tried to force the issue by changing the Capture Pin's output back to 640x480 in the "Format" dialog, but all that did was make the Video Server quit.
However, when I hooked up a Typhoon camera things were different. If I set up AbelCam for 640x480, the Capture Pin output would remain there when I started the Video Server. And if I set AbelCam for 320x240 the Capture Pin would actually "step-up" to 640x480 on Video Server start.
So this would appear to be a Logitech problem - maybe. What is odd is that I can run the Orbit at 640x480 30 FPS just fine using AmCap.
You should also look at
THIS old thread. AlexBa concludes it's a Logitech limitation but I'm not quite sure how he decided that.
Edited to add:
I'm experimenting some more with my Orbit using AmCap to look at its output stream. What I'm seeing is that at 640x480 resolution the USB 2.0 bus saturates (maxes out) at 25 FPS. Bumping the rate up to 30 FPS has no effect beause, well, the bus is saturated. So, the whole notion of 640x480 at 30 isn't really viable regardless of what the software is doing. If you can't get it out of the cam at full speed it makes no difference what happens after that...
This may explain why Logitech puts asterisks after their framerate claims in their literature.
Taking a closer look at my Typhoon cam with AmCap shows the same thing: 25 and 30 FPS look the same, and the bus utilization hits 100% at about 25.