Thanks everyone! I was a bit concern about over use of timelapse, but it's the best way to tell the activity, both at the dock and the gear up area.
Basil, I did use Magic Filter in two dives. It turned out the weather in Anilao made it pointless when I was there. The morning sun was okay in Anilao, but the afternoon was overcast. For Magic Filter to be effective, the sun should be high and behind the diver, mostly between 12 noon to 3pm. So I didn't use Magic Filter other then that 2 experiment dives. All my wide angle shot were shoot with custom white balance using a gray reference card. I take a white balance reading everytime before I start the recording. Many people use sand, hand, or save the white balance setting into the preset based on depth. I don't do that because light condition constantly change, especially if there is cloud around.
As for picture profile, I use "Scenery", it's the best setting to bring out the blue color for Panasonic, however, Chris Parson made a comment that the Scenery setting makes the yellow too much, and I'm starting to notice that. But I think I can turn down the saturation at post if I need to.
For camera setting, I follow everything here as it's the only site that has the most detail info about LX100 menu::
http://cameraergonomics.blogspot.com/2015/01/lx100-setup-part-3-setup-and-rec-menus.html
I didn't mess with the contrast curves in the camera.
When come to editing, I edit in 4K and output my final video at 80 mbps to upload to Youtbue. 80Mbps is more than what Youtube will need and they will re-compress it. 80Mbps is also good enough for me to archive. Also, during editing, I only change shadow/hightlight, there are a few clips that I might need to do a "Fast color correct" or adjust brightness (I use Premiere Pro CC).
Red Sea has great visibility! Make sure you get the blue color right, also, when come to shooting video, shallow is your friend! You get the best ambient light. With the LX100, try not go above ISO400, at ISO800 you will see noticeable noise at the blue water area but the coral and everything else would be fine.