Recommended Encode Settings for Direct Play

For ripping a Bluray or UHD, any recommendations / best practices for encode settings? I understand bitrate vs CQ, etc regarding personal preference....but want to ensure support for direct play / stream.

x264 vs x265? Audio pass-throughs? Profile-levels? MP4 vs MKV? Other settings?

Just trying to figure out if there are any "gotchyas" which would trigger unwanted transcoding. Note will be using Shield as both the PMS and client.