Resolution:
If you shoot action you want a high frame rate so 60 or higher, so choose the highest resolution that support 60fps.
on my Hero 4 cameras i shoot in 1080-60 for action but the newer GoPro's can shoot 2.7k-60 or even 4k-60
Frames Per Second:
What i already said if you shoot action go with 60 fps, if you go to a higher frame rate you can slow the video down for smooth slow-motion. If you don't shoot action you can go with 30 fps i personally go always with 60 fps
If you shoot at night or in a dark place you have to go to a lower frame rate, with a high frame rate you see less
Field Of View:
If you shoot a mounted shot so: on a car, on your helmet, on your bike or anything else go with wide.
If you don't shoot mounted and you don't want the fish eye effect go with linear.
Linear only is available on Hero 4 silver camera's or newer Hero 4 session doen't has this option.
Low Light:
Off, if you shoot in dark places adjust your fps manually
Spot meter:
Off
Protune:
ON
White Balance:
Auto
If you want to do a lot of color correction in you editing software, go with Native
Color:
GoPro color
If you want to do a lot of color correction in you editing software, go with Flat
Shutter:
Auto
ISO Limit:
If you shoot at day go as low as possible it will make the footage less noisy
If you shoot in the dark i personally go with 1600
Sharpness:
Medium
EV Compresation:
0
This are the settings i personally use on my GoPro's and they deliver very nice footage