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I would always upload the lossless progressive version aka the master version.
Personally, I use the x264 codec due to its maturity, and I use the CRF 0 option (lossless) which creates as lossless of a version as possible (after editing).
YouTube's max upload size is 256 GiB which is more than enough in 90% of situations. But at the same time, so is 80 MB/s bitrate in typical situations, although there is no real reason to limit it to 80 MB/s or lower unless you have to -- for space reasons.
Visually speaking, bitrate matters. Limiting it in any way downgrades the picture quality, but depending on the resolution, and a few other factors. It's hard to comment... 80 MB/s for a master file MIGHT be an overkill for a 1080p source, but it might not be enough at all for a 2160p (4K) one. Especially if it has a lot of nature shots, etc.
So... if the space allows it. Definitely go for it.
I would store my archival copies in x264 @ CRF 0.
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