That is a difficult question to answer without more info. Generally, customer requirements will dictate the bit rate needed. The final use of the footage would be important to know. For example, if you are shooting footage to upload to You Tube, a high bit rate is always dumbed down by YT. If you are shooting commercials for a local TV station, then you need to check with the station for their requirements.
Bit rate affects the visual quality of the image more than it does the color data. To get proper color data there are many other settings that must also be properly set. At the very least you need to capture 10 bit 4.2.2 color data for most applications.
If your customer has higher data requirements, you cannot do this in a GH5 in camera. You will need to record into an external device. The new GH6 does allow in camera Pro Res recording.