Long running tasks using TPL task scheduler

Question

I am consuming one data streaming source which pushes data in interval >= 5 seconds. I have one observer like below to receive push notifications:

public class ConsoleDataObserver : IObserver<DataPipeEvent>
    {
        private DataPipeType _dataPipeType;
        private LimitedConcurrencyLevelTaskScheduler _scheduler;//This is based on msdn parallel extensions examples
        private TaskFactory _factory;


        public ConsoleDataObserver(DataPipeType afDataPipeType)
        {
            _dataPipeType = afDataPipeType;
            _scheduler = new LimitedConcurrencyLevelTaskScheduler(5);
            _factory = new TaskFactory(_scheduler);
        }


        public void OnNext(DataPipeEvent dataPipeEvent)
        {
            _factory.StartNew(() => ProcessDataNow(dataPipeEvent));
        }

        private void ProcessDataNow(DataPipeEvent dataPipeEvent)
        {
            Thread.Sleep(8000); //just want to simulate long running tasks

        }

        public void OnError(Exception error)
        {
            Console.WriteLine("Provider has sent an error");
        }

        public void OnCompleted()
        {
            Console.WriteLine("Provider has terminated sending data");
        }
    }

I have following requirements:

In my OnNext, I don't want to block main thread and want to do long running processing tasks in other thread. I am using TaskScheduler to used ThreadPool. Is it good implementation? OnNext can get 500-1000 events per second. ProcessDataNow will log in case of any exception.