Okay, so I followed some guides starting with this one that uses CLI but then ended up roughly-following this Docker guide. I'm running Ubuntu so I had to figure some things myself.

My SSL settings are set to encryption mode full, my tunnel settings are as follows

My Owncast server is set up to 30050 and I can even connect fine through external IP, but Cloudflare's not cooperating. When I connect via my hostname, I get a 502 error, and on the server side I get the following errors:

ERR  error="Unable to reach the origin service. The service may be down or it may not be responding to traffic from cloudflared: dial tcp 127.0.0.1:30050: connect: connection refused" cfRay=7d6fe3954bcd5419-YYZ event=1 ingressRule=0 originService=http://127.0.0.1:30050/
ERR Request failed error="Unable to reach the origin service. The service may be down or it may not be responding to traffic from cloudflared: dial tcp 127.0.0.1:30050: connect: connection refused" connIndex=1 dest=https://live.ramram.ink/favicon.ico event=0 ip=198.41.192.7 type=http

I also confirmed that on the local machine, running curl 127.0.0.1:30050 works fine.