Youtube only screws up 60 fps game frame rates because it runs at 30 fps. I doubt it'd screw up 30 fps streamed games. And I guess you could say frame rate lock is like a fps cap, but they optimize the game around the frame rate, and they don't physically prevent the game from going a couple frames above (like 60 fps and vysnc).
Dark Souls was capped at 30 fps but you see performance drops in the game on the xbox 360 version.
So basically from what I've read capping games at a certain frame rate isn't a magical way of getting better performance, its more for retaining visual fidelity or style (in terms of animation and flow in the game).