Here is an in-depth comparison of an original Bluray remux and the 20Mbps and 8Mbps presets at different CQ settings. Hope this helps.
Original Bluray Remux 1080p + AAC (Video Bitrate = Peak: 34321 / Mean 27858)
Plex Deep Analysis results:
Entire MKV file requiredBandwidths="29774,29666,29495,29295,29202,29154,29064,29064"
Video stream only requiredBandwidths="29613,29505,29334,29135,29041,28993,28903,28903"
AAC stream only requiredBandwidths="161,161,161,161,161,161,161,161"
20Mbps CQ1 1080p + AAC (Video Bitrate = Peak: 33308 / Mean 17892)
Plex Deep Analysis results:
Entire MP4 file requiredBandwidths="18294,18245,18204,18200,18200,18200,18200,18200"
Video stream only requiredBandwidths="18133,18085,18043,18040,18040,18040,18040,18040"
AAC stream only requiredBandwidths="161,161,161,161,161,161,161,161"
Worst case = 18294
18924 + 5% = 19209
19209 < 20000 = No Transcoding! Plex will Direct Play with no buffering @ 20Mbps 
20Mbps CQ16 1080p + AAC (Video Bitrate = Peak: 26193 / Mean 12321)
Plex Deep Analysis results:
Entire MP4 file requiredBandwidths="18074,17605,16654,15348,14310,13910,13261,13261"
Video stream only requiredBandwidths="17913,17443,16493,15187,14149,13749,13102,13102"
AAC stream only requiredBandwidths="161,161,161,161,161,161,161,161"
Worst case = 17913
17913 + 5% = 18809
18809 < 20000 = No Transcoding! Plex will Direct Play with no buffering @ 20Mbps 
8Mbps CQ1 1080p + AAC (Video Bitrate = Peak: 13337 / Mean 7152)
Plex Deep Analysis results:
Entire MP4 file requiredBandwidths="7475,7424,7376,7376,7376,7376,7376,7376"
Video stream only requiredBandwidths="7315,7263,7216,7216,7216,7216,7216,7216"
AAC stream only requiredBandwidths="161,161,161,161,161,161,161,161"
Worst case = 7475
7475 + 5% = 7849
7849 < 8000 = No Transcoding! Plex will Direct Play with no buffering @ 8Mbps 
8Mbps CQ16 1080p + AAC (Video Bitrate = Peak: 13244 / Mean 6962)
Plex Deep Analysis results:
Entire MP4 file requiredBandwidths="7470,7406,7294,7294,7294,7294,7294,7294"
Video stream only requiredBandwidths="7309,7245,7133,7133,7133,7133,7133,7133"
AAC stream only requiredBandwidths="161,161,161,161,161,161,161,161"
Worst case = 7470
7470 + 5% = 7844
7844 < 8000 = No Transcoding! Plex will Direct Play with no buffering @ 8Mbps 
I used to use BitrateViewer to draw my bitrate graphs, but it would run into problems with some files (either erroring out, or showing 2 x the framerate/bitrate).
I have since discovered a new reliable app PlotBitrate (uses Python3 and ffprobe), which drew the bitrate graphs shown above.