Long form recorder/player

Hi, I am a new guy here. I have been wondering if CasparCG could be used as a bulk backup recorder. The idea being that if it had enough storage it could record for 23 hours at time and playback or chunk out the required time period. And, can the recording parameters be tweaked to throttle the bitrate in case storage is a problem? Can it playback while the file is still recording? Thanks in advance.