I recorded 3 clips with the exact same exposure settings but switched the "luminance level" setting for each one and brought them into Premiere CC on an iMac.
'0-255' and '16-235' look exactly the same and on the waveform they both clip at 100 IRE...BUT the interesting discovery is that '16-255' displays with superwhites and goes to 110 IRE and the image looks more blown out. More is clipped.
So it appears that, in Premiere CC at least, 0-255 gets mapped correctly, 16-235 gets mapped full range, but 16-255 doesn't get mapped correctly. The latter setting alone may be what's causing the clipped highlights many are seeing on Vimeo, etc. So, when the GH4 is set to 0-255, I don't think there is any need to "recover highlights" by doing any special color correction for it. The problem is only when the camera is set to 16-255.
Here are some photos that show the issue:

'0-255' and '16-235' look exactly the same and on the waveform they both clip at 100 IRE...BUT the interesting discovery is that '16-255' displays with superwhites and goes to 110 IRE and the image looks more blown out. More is clipped.
So it appears that, in Premiere CC at least, 0-255 gets mapped correctly, 16-235 gets mapped full range, but 16-255 doesn't get mapped correctly. The latter setting alone may be what's causing the clipped highlights many are seeing on Vimeo, etc. So, when the GH4 is set to 0-255, I don't think there is any need to "recover highlights" by doing any special color correction for it. The problem is only when the camera is set to 16-255.
Here are some photos that show the issue:

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