I think the most often used is f/4.0... but there is no "correct" aperture. You use what you have to to get the shot you want. The kit lens rises from 4.0 the second you come off it's widest end, and by 50mm it's at 5.6 (full stop slower) and by 70mm it's max'ed out at 5.8. You start needing a significant amount of light at that point... like, plenty.
Typically you will use the lowest ISO you can get away with. Lower ISO is "richer and more detailed" images... as you raise ISO you are raising a form of digital gain that gives an apparent increase in sensor sensitivity. This means less light required or slower lenses can be used, but as you raise the ISO you are progressively adding the potential for less and less clean images. The max ISO most people consider acceptably clean on the GH1 is 800... but only go to that when you HAVE to. If you only plan to go to the internet you may accept ISO 1600, but as soon as you look at that on a good TV you'll probably see the image loaded with noise.
Shutter is going to be 1/50 if you're shooting for 24p. Shutter is 2x frame-rate.
If you're using 5200-5600k lighting you will either do manual white-balance (BEST) or use a daylight setting that looks good (probably the "cloudy" setting).
When I press the dial on the front of the camera I get an SS symbol (Shutter speed?) and a +/- arrow (aperture?). When I rotate the dial for SS I get a range of numbers off bottom center left from 8-500 is this 1/8 to 1/500? With the +/- arrow selected I get a range of 4000-30. I thought aperture numbers were in the region of 4-5.6 for the kit lens?