Beginner Livestream/Let's Play

I was thinking about doing a Livestream or LPs of older video games. Would It actually be a better idea to record while I play live then post it? Which games would people like to see me play? Is there specific LPer you suggest I take tips from? Sorry I have so many questions.

Bonus Question: Who was the first gamer to make a Let's Play?

The first guy to make a Let's Play (or at least popularize it, because this shit dates back to at least the 80s) was slowbeef.

As far as software is concerned for this sort of thing (if you haven't considered it already), you should consider using Fraps. It's a really useful piece of software, easy to use and delivers quite good results.

I am going to starting streaming at http://www.twitch.tv/captainaesop so if you have a twitch account give me a follow. I'll be starting with either Baldur's Gate,Vampire the Masquerade:Bloodlines, or Oddworld:Stranger's Wrath on Sunday around 2 in the evening.