What LUT are you using ? Never seen the problems you describe unless I have underexposed footage.
Upon further research, it is possible that I am underexposing my footage for v-log.
Originally used the V-LOG LUT provided by Panasonic. It is not good. The blacks are lifted and the color, particularly skin tone and certain blue tones, are just wrong. I presume this is because the LUT is expecting a V-Gamut input but the GH5 isn't really using V-Gamut like the Varicam.
I am using a LUT that I created using Lutcalc. Which is a great app. I am VERY happy with the color and contrast of the LUT I have created. I arrived at it through lots of reading and lots of trial and error.
But I am going to do some more exposure tests when I have time. Perhaps giving it another stop of exposure will solve my problem while still yielding better highlight retention than the Natural and Standard profiles. For my style of shooting, I am less interested in preserving shadow detail than I am preserving highlights.
I'll also do tests with HLG, as the method of converting it to V-LOG and then applying my LUT looks exactly the same and yet has a bit more information recorded, theoretically.