I don't think so (somebody else needs to confirm that), but even it would, it's not a good idea, since you capture in a lossy 4:2:0 codec, which means that one your two color channels get quartered in resolution. With only 120 lines left on that channel, it very much hurts your capture video.
It really only makes sense to capture native 240p if you can do in in a 4:4:4 codec, then upscale to your desired resolution and only then compress into 4:2:0 for streaming or upload...
I know that it's an extra investment, but a linedoubler (like the Retrotink 2x) would be a better solution for your needs.