have a look into jellyfin. There’s a lot of precursors involved, im assuming you’re familiar, or will at least look into them if you decide on it though. As for your bitrate problem, there are two solutions, have the end user download it and replay it locally (jellyfin integrates this natively) or use hardware transcoding, (software on cpu, but you should use quick sync or nvenc, or something like that instead) IME modern intel cpus support what you’re looking for on QSV i’m running 12th gen. you can set external connections to a limited speed that JF clients will automatically configure.
For me personally i’ve been running jellyfin for a few years, it’s great. Couple of minor problems, but it’s fine.