Is there an option to specify for a particular monitor to record at some specific quality. If yes, then how do I do it. If no, can it be added in future updates.
If the streams you are monitoring have multiple qualities/formats available then by default you will be prompted to select quality and format.
To automatically select then Settings > Internet Downloads > Preferred Download Quality and Preferred Download Format. These options are also available on the multiple streams detected window that appears if Prompt is selected which is the default setting.