with that kinda upload just set it to like 4000 on both....it will never use over like 2500kbs, but it never hurts to let it go higher incase of a spike.
With only 1/5th your upload i set mine at 2500 and it works just fine for 720p.
You can also set quality to 10(not that it does much over 6), but with that internet it wont strain anything.
I wouldn't mind that upload speed, at 1 mbps here.
With what you have, you can set it as high as you want (though don't go too high, as your viewers will put more strain on their download if you set the bitrate unnecessarily high).