AbelCam utilizes the "system" profiles, which are normally found in C:\windows\WMSysPr9.prx (or more accurately, %windir%\WMSysPr9.prx). This file can't be edited with the Profile Editor that's included with WMEnc-9, but I've had some luck editing it in notepad.

Edited to add: I'd be surprised if you couldn't find a suitable profile in the System Profiles, but if you absolutely have to have a custom profile you could try this: Remove your cam from the Device List. Then re-add it, but select VisioForge as your Capture Interface. VisioForge does things a bit differently than TyCapture or VideoCapX interfaces. For WMV streaming it uses the PRX files in AbelCam\data directory. These are WM-9 profiles, one profile per file, and CAN be edited with the WM-9 Profile Editor tool.

NOTE - I think you need to check "I am an AbelCam expert" in Configuration -> Options, then Save, then re-start AbelCam, before Capture Interface choice can be seen in the Add Camera dialog.