You would be filming at either 24fps or 30fps in 1080p full HD. The shutterspeed in this case is how long each individual frame is "exposed" for. The camera will not let you record slower than 1/30th, because that would obviously be problematic at 30fps! Some cameras will allow you to do 1/24th of a second at 24fps, but not Pentax DSLRs/K-01. As far as I know.
You can make the shutter speed shorter, but then your footage will be darker, as each frame will be exposed for a shorter amount of time. It seems different from photography, but it really isn't! Except at faster speeds, each frame is exposed for less time, and the result is less of of the event is actually being recorded - there are more gaps in between each frame because of the shorter exposure, so the film will look more choppy. A la fight scenes in "gladiator". If that makes any sense
By keeping the ISO down, I mean 400 max. Of course if you have to go higher then go higher, but with the K-01 it would not be recommended. I shoot ISO 3200 for photography with my K-30, but anything above ISO 400 in video doesn't look too good if you have a dimly lit scene. In bright light it's better.
Last word of advice - Pentax movie mode crushes the blacks easily. The dynamic range is not too good. So just be careful with your shadows.
Oh, and avoid any motion with the camera. The bitrate is low, so it will look best with static shots... preferably of still life
And fill the frame, if you go too wide, with the low bitrate, the detail in the footage will get mushy quickly.
Best of luck!
p.s. I usually reach for my M 50 1.7 when filming with my K-30. Sharp, and brighter than most my lenses. Limited is a good choice!
p.s. p.s. maybe try to shoot in a "natural" color profile? Try it before you go to the performance. If it looks alright to you, "natural" probably has more dynamic range than "bright"