Even the base model will work and give you all the hardware for demanding codecs. But it'll be slower for complex jobs, like NR, Speed Warp, SuperScale and such. And, from prior models experience, its base SSD may be slower than in the M1 Pro version. So, you may want to decide if you get a base model with 1 TB or the M1 Pro with the smaller SSD, but more RAM.
Speaking of RAM, go for the maximum of GPU cores you can afford, but care for enough RAM. The rule of thumb from our tests is 2 GB of RAM per GPU core. So, 24 GB for a 14 core GPU is a bit tight, but fine for the base model with only 10 cores.
If you don't want to spend more, a 10 core base model with 24 GB would be the better option, it'll be slower, but very stable.
Unfortunately, for the M1 Pro with 16 cores, there is no option for 32 GB, so you need to take 36.
Of course you can save on the internal SSD to get the M1 Pro, I've been living with 512 for the last three years. I have dozens of programs on that, plus the DR Library. External drives, TB in particular, are plenty fast for all the rest. You just need some discipline to keep your internal drive clean from unnecessary clutter.
I agree with this MaxTech guy in most points, but neither of us has yet tested one (he will for sure). But he doesn't mention the RAM needs for DR, and while I agree on getting external SSDs, I don't agree about his recommendation of the Sabrent. I like the Acasis better for several reasons. But you don't necessarily need a TB SSD, USB-C will be enough for most of us.
Where I agree with him is that the middle ground is the most attractive for those with higher needs, in particular if this is your only machine. The base model will not stop you from editing video, though.
But see for yourself, he may just have gotten his mind blown a few times too often
