Hi, is it possible to manually configure the streaming video quality instead of picking the ones that are preconfigured?

I guess a little background into what I’m trying to do:
I have two video files in each movie directory:
x265 @ 1080p (various bitrate – all higher than 1024)
x264 @ 1080p (1024 bitrate)
I want to play the x265 video inside my network and the x264 video while streaming outside my network. I know there’s the option to “Play Version”, but would like Plex to automatically select while file to play depending on where I am (inside vs outside of my network).
I understand this is meant to simplify things and that Plex devs must have found that jumping to 8mbps 1080p from 4mbps 720p is the logical path, but for tinkerers I think there’s some room to improve there.