Too be honest, I looked and read and tried to understand all I could about: 0-255, 16-235, Master Pedestal, the Profile options and the curves.
As to Luminance, a lot with depend on where you want your videos shown - some systems show 0-255 correctly, some cut off 0-15 and 236-255 (so you get clipping) and some are clever enough to squeeze 0-255 into 16-235. Youtube appears to show 16-255 (so only clipping 0-15)
With that, I just settled on shooting 16-235, so it appears correct everywhere.
Master Pedestal, from my understand this is there purely so you can level the baseline black to other cameras in a recording setting. So I've left it alone.
Curves? Well thats a personal preference, none of the changes will gain you any extra dynamic range, its more to do with less post processing. Again I've left it alone.
The Profiles, this is one which I still haven't got my head around. For Underwater for me the 'nicest' so far has been the Natural Profile. But we now have the Log Profile - but I personally think this is a stretch too far for underwater.
Again many people try and go -5 on all the settings and wonder why it looks s*** All these setting I found you can easily more refine in post, more than try and bake them in before hand.
I tried at the beginning, to play with curves, more sat, more contrast in-camera - but realised I still did a lot of 'playing' in FCPX on the clips anyway - so when back to all 'zeros' and 16-235. At least I know where I begin, when I start colour correcting.
The GH4's colour science isn't perfect, thats for sure.