So, your camera is your camera. GH5 shouldn't be Ursa Mini 4.6K shouldn't be an Alexa shouldn't be Film. The camera is what it is, trying to get it to look like another camera is defeatist, embrace the tool that you own or of course purchase the one that you really like.
The LUT is designed to dig out what's hiding beneath odd color choices by Panasonic, and is meant to be a stable base upon which you build. The skin looks like that because that's exactly what Panasonic gave you, and doing anything more to it looks over modulated. Or, when you push flesh values too hard from source images that inherently can't handle it, you get terrible looking skin. Try playing it back on a massive source (I used a 70" 4K LED for all of my color work) and see how unpleasant things look.
The ideal situation is being able to hand footage off to a client (in this case, recorded to an external monitor with a LUT activated so that the external is recording the LUT's color work), and step away without worry that the client will a. ruin it or b. ruin you for the footage not being very pretty.
Adjacent to that, as a shooter, one should likely want a very clean base to begin with that you can add to. A proper LUT would allow you to shoot in every condition and achieve neutral results with minimal / stock settings in camera. All of my Ursa Mini LUTs work at an extremely basic level, they're basically fool proof, that's what this GH5 LUT is doing (also fixing highlights, popping skin out, making sure it's presentation ready for large screens.)
I think someone said it's a "Gradeable grade", that's probably a good way to describe it. It's a cleaner base than what Panasonic gives you with any of the other color profiles OR the V-Log to ReC709 LUT which is a major challenge.
I'll likely release the LUT this week, barring some Gh5 V-Log owners testing it out for me. It won't be for everyone, which is okay with me!