Your board has full 16x lanes however a 1x or 4x cards will work within the 16x slot. So you don't have to worry about that
FRAPS does have a button you can program a hot key to start capturing video. I would say do that if you feel you are able to maintain a high frame rate as FRAPS will pull heavy on CPU/Hard Drive performance. Also, you may want to look into xsplit its a bit less taxing. It is more technical and less 1 hit key wonder ish but it also has smaller project sizes as a project within fraps can grow very quickly very fast. a 10 minute video could in theory be 20+gigabytes it seems higher then your normal youtube 1080p hd content.