Generally speaking I use the defaults for mp4.
I might find the forced subtitles for some shows and burn those in (a bit more expensive)
Blu-ray? Handbrake handles Blu-ray?
I rip Blu-ray with Slysoft and then take the file to Handbrake and again, generally speaking I take the defaults. To me, compressed is compressed… keep the original rip if you have to have something good on hand for future transcodes.
(btw, I only own one Blu-ray title, mainly for testing… and only one Blu-ray unit on one of my computers… Blu-ray, it’s like Betamax except this time Sony paid everyone off!)