It sounds like Wirecast/encoding machine is working had to keep up. I would do a quick test and reduce the bitrate and frame size of the encoding to see if that reduces the latency. Also try setting Streams/StreamType in conf/[application]/Application.xml to “live-lowlatency” to see if that helps. Also, with H.264 Flash seems to always delay the stream by at least 2-4 seconds. So you will most likely never do better than a few seconds of latency.
Chalrie