In conjunction with cathalog's answer, in Terminal you can create an executable.
Open Terminal, type cd Desktop so the executable is saved to the Desktop, then type nano "VLC" or whatever name you want. You'll have a window to enter the command:
open /Applications/VLC.app/ --args --rtsp-timeout=99999 --sout-ffmpeg-strict=-2 --extraintf http --http-port=8081
To save the command, hit Control-X on your keyboard, then Y for yes to save it. There is now a file saved to your Desktop, but it can't run yet. Next, in Terminal type in chmod +x "VLC" or, again whatever you named it in the quotation marks. Then you've got a shortcut to run VLC with arguments!
Here's a YouTube video with a step-by-step demonstration showing how to create an executable file in Terminal on Mac.