So it turns out the 8,000 Kbps bitrate does have adequate bandwidth for a good picture. I found the noise I was experience was from a combination of high sharpness (default 50% is too high, 25-30% was good), 3D NR, WDR, BLC, and low Key Frame Interval. I turned 3D NR and BLC off, lowered sharpness, and increased Key Frame Interval up to 100 and I can't believe how good the picture is now. Attached is a picture of my settings. I was able to turn WDR back on without any repercussions to image quality and it really helps with shadows during the day. I can count flower pedals from 15 feet away now running at 20 FPS. Very impressed.