Your speed of 3 MBPS upload at the location of your 350 should be adequate to deliver the video and audio in a stable fashion. You might want to check the instructions that came with your router to see if has any options or settings about providing priority to video streaming -- "Quality of Service" issues and the like.
Your video signal will travel from your 350, to your router, to your modem and out to whatever network server your Internet Service Provider that you use for the LAN in which your 350 is located, then across the Internet to the network server for the Internet Service Provider that provides internet service to whatever modem/router combination are providing internet service to the device where you are watching the video stream. So, being in the same town probably has very little effect. If you and your 350 were located on different continents, then the situation might be different, but not necessarily so.