This can be achieved if the camera has duel stream feature & NVR software supports transcoding feature assuming you have sufficient storage & bandwidth resources.
Transcoding can be applied to live video. Example: Taking single stream from camera, process it for Live view at VGA & 512 kbps, where as record it at original high video quality settings lets say 2 mp 5000 kbps.
Similarly if the camera can give 2 streams, you can use one stream to record at original settings (ex: 2 mp at 5000 kbps) for local view & you can use the 2nd stream to record at lower settings ( lets say 640x480 at 512 kbps) for remote view.
Please note that Transcoding is always a CPU intensive task as it involves double processing( encoding + decoding). You need better hardware to avail this feature.