I wrote on this years ago (very simplistic and meant for beginners):
https://www.polymathsunited.com/2009/11/video-bitrate-what-bitrate-should-i-use/
…but the real answer is test, test, test. 720p should look great at 2.5Mbs. If your content does then try it again at 2.2Mbs and 1.8Mbs. If you’re worried about speed vs. quality, see how low you can go with single pass, then double pass, change the variability percentage, key frame sensitivity, etc.
Bitrate is becoming less and less an issue, almost a settled question.
William Caulfield
Video Encoding Manager
https://metroencoding.com