Reduce bandwidth on Live Session / Live TV?

If I’m running a live session / live TV that is already being transcoded from MPEG2 to H.264 by Plex, is there any way to lower the quality / bandwidth of the transcoding so that I can watch it where I have bandwidth limitations?

There doesn’t seem to be a way that I can locate in the UI, but I figure it’s got to be using SOME settings, so perhaps there is a command line or config flag I could modify?

I’m running Version 1.9.6.4401 presently