First

1. Copy down your BitStream RTMP/WebSource settings - they will be deleted when you uninstall the original app
2. Buy the in-app purchase to unlock the watermark/web sources if you can - Google won't trust the modded version for in-app purchases
3. Uninstall the original BitStream app

Then, you'll need to

Get BitStream v2.7.97

and then

Patch the BitStream APK

Finally, install the patched APK