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Thanks for the fast anwser!
I will try to see what is wrong with capture device settings or try other player.
8 frames ~ 130ms lag is good enough  for most games.  0.3-0.5 sec is maximum playable lag for me
Looking forward to play some old games smoothed to 120hz.

Is there anyway to reduce the image delay?
Theoretically minimum image delay is 1 frame. It is if process of creating new interpolated frames is very-very fast and has duration close to zero.
If you use SVP you need to minimize threads count. But decoder has frames buffer, avisynth has, renderer has too. Usually every buffer holds from 2 to 8 frames.

I tried mpc capture device but it skips the generated frames.
Maybe some settings is wrong. I never solve so unusual task.

Any plans to make svp process without chroma loss?
In near future: No. Someelse after: Maybe.

red colour resolution loss
Try some renderer with enchanced chroma upsampling algo (for example edge directed interpolation). NNEDI3 in madVR is the best for this purpose.

Any plans to make svp process without chroma loss? It becomes noticeable on my game recordings/screen recordings that red colour resolution loss.

Thanks