Hope you get some clear skies for your investigations, Randy. Things are looking pretty glum up here in Michigan. I'm curious to know how the new camera works out for you.
I have not done any video astronomy, although I have taken some nice cell phone photos of the Moon. My understanding of video astronomy, based solely on reading and not experience, is that what you are referring to as "live viewing" involves using a camera with a CCD or CMOS sensor that provides a continually updated image, e.g., the image is refreshed every few seconds, giving what is in effect a live video feed of the subject, just like one would use Skype or Face Time for a live video conference. For the Moon, this would work just fine, as it is very bright. Of course, you need reasonably good tracking to keep the Moon in view, but that shouldn't be a problem. You wouldn't need something as sophisticated as SharpCap; any basic webcam software would be fine for the Moon. I'm sure ManyCam will be good.
However, to view anything but the brightest objects, as Bryan pointed out, you'd need to explore the capabilities of SharpCap. A live video feed of a dim DSO is not going to be of any use. It's no different from visual - not about magnification, but about light-gathering. You would see at best no better than what you can see yourself through the EP. This is where a program like SharpCap opens up the possibilities. SharpCap can be used to acquire data and "build up" an image on screen over a couple of minutes. It is not really live, but it's pretty close, and thus is sometimes called near-real-time viewing (NRTV).
The stacked images displayed onscreen are not going to look like a processed finished product by an experience AP'er, but they will reveal much more than your eyes can. This technique will allow you to see detail and color in dim objects.
I look forward to hearing about your adventures.
Scopes: Vixen VMC200L, D=200mm, F=1950, f/9.75; Televue 2" Everbright diagonal. Coronado PST; AstroTech EDT 80mm, F=480, f/6.
Mounts: Vixen SXW/Starbook (original); Stellarvue M2C alt-az.
Eyepieces: Televue: 55mm Plossl, 22mm Panoptic, 17.3mm Delos, 13mm Nagler, c. 1980, 11mm Plossl, 7mm Nagler, 5mm Radian; Meade 15mm Super Plossl; VERNONSCOPE 2.4X BARLOW
Binoculars: Leica 8x32 Trinovids, circa 1997; Orion Megaview 20x80, Orion Paragon Plus mount.