Good question! What we're discussing here is how a virtually lossless 4K->1080p conversion could ideally be done. I don't know whether a transcoder like this is yet available.Lee, what tool would you choose at this moment to convert the GH4 4k to 1080 prores HQ.
My plan for 4K is to use it with a super wide-angle lens to capture an entire scene with a GH4 locked-down on a tripod. I'll then pre-process each clip in After Effects, scaling and panning into a 1080p window that's keyframed to the camera moves I want to make. After doing a technical grade and any needed sharpening, the 1080p clips would be exported to 10-bit 4:2:2 Cineform for editing in Premiere Pro. I like Cineform because it uses wavelet compression instead of packing the scaled video frames back into H.264 macroblocks.
I've already used this locked-down A-cam approach on numerous 1080p projects. With 4K resolution, I'll be able to zoom in twice as far in post, without softening up the image too much.