How to automate recording screen footage on a loop with time and size constraints?

Question

Are there any solutions to automate recording footage on a time loop that limits the number of hours?

I want to keep a log of a video game footage for the past x number of hours and/or n number of gigabytes for the purpose of saving interesting footage and also for bug reports that can benefit from video proof.

For example, I set a video to record a specific window or monitor to a target folder. The video will save to a prefix-date-time files where the oldest will automatically be deleted to limit the total recording time or size requirement.

I'm open to all possible solutions for both Windows and Linux that use either fully-featured recording software or shell scripts. Recording will probably be handled locally but hardware solutions would be interesting as well. An ideal solution would be something with the flexibility to choose either a local screen or hardware encoder as the source.