I have the GH5, GH5S, & P4K cameras. The Panasonic cameras produce great looking files straight out of the camera. Many people like the Natural profile on the Panasonic cameras. However, you will have to transcode these files into ProRes (or proxy) in order to edit them smoothly on a lower spec computer.
The footage from the BM cameras does not look as good straight out of the camera as the Panasonic footage, in my opinion. The BRAW and the ProRes files from the P4K are much easier to edit on lower spec computers than the Panasonic footage, but the file sizes are much larger. In order to get decent footage straight from the P4K camera, you would need to "bake in" a LUT into the footage when recording. Without baking in a LUT, you will have to grade the footage in a program like Resolve.
Picking between the GH5 & the P4K is a tough one as each has advantages. The choice would come down to your use case. The GH5 has image stabilization, great battery life, & great footage straight out of the camera, with the option for V-Log footage that you can grade. The P4K doesn't have stabilization, and has much worse battery life, but the P4K is better in low light and gives you the ability to record RAW footage. Each has lots of advantages and a few weaknesses.
After color grading, both cameras produce wonderful footage. I think that either is a great choice, but the GH5 would be better for beginners. If you don't have any M4/3 lenses, you should also consider the Fuji XT3.
I have the Panasonic GH5 and I use it extensively for stock footage but I would like to produce a series of short films. Even tweaking and color grading and using filters like the Tiffen Pro Mist I cannot get a beautiful cinematic look like I see with Arri Mini Alexa or even cameras like my 5D MK IV. Comparing the GH5 with the P4K (as you said you own both) do you perceive a distinctive look that makes the second closer to that "organic feel" we all associate with film ?
Blackmagic Pocket Cinema Camera 4K
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I have the Panasonic GH5 and I use it extensively for stock footage but I would like to produce a series of short films. Even tweaking and color grading and using filters like the Tiffen Pro Mist I cannot get a beautiful cinematic look like I see with Arri Mini Alexa or even cameras like my 5D MK IV. Comparing the GH5 with the P4K (as you said you own both) do you perceive a distinctive look that makes the second closer to that "organic feel" we all associate with film ?