Since this was my first test, I did (like most others I think) just switch to Cinelike D, and turned down contrast, sharpness, saturation and NR all the way, raised shadows and lowered highlights. This ended up giving me some noise in the shadows, yes. I've done some tests now and I think the image out of Cinelike V with similar configurations is a bit more appealing and less noisy.
But personally I think the noise is not that bad, but rather adds to the feeling. It's not like the ugly noise you usually get out of a DSLR. But what you see, and reacts to is probably the FilmConvert grain, which I added when grading. I really like the feeling it brings to the footage. In addition it's graded with levels and some custom build Looks I always add to adjustment layers in After Effects. I use the blending mode and opacity, usually setting one layer to Screen, one to Soft Light and one to normal with opacities between 20-50%. It really brings out the exact look you're going for.
The aperture was set to wide open on an EF 70-200 f/4.0L, using this focal reducer for EF to M4/3, http://www.ebay.co.uk/itm/Canon-EF-EOS-speed-booster-turbo-adapter-to-m4-3-mft-GF5-GF6-GX1-EM5-EM1-BM-/201055599564.
I got to borrow the lens from a friend, since I had all my gear but the camera in London. Now I've tested the setup with my EF 24-70 f/2.8L II and I must say the results look amazing. Fingers crossed that what ever Andrew's hinting at turns out to be an EF-M4/3 GH4 specific speed booster with electronic connection.. Can it really be that good?!