@zack$ Core i5-2500k does not support VT-D, so, unfortunately, no FreeNAS in a VM .
ZoL probably going to be a best overall option, but requires more expertise to maintain/upgrade (I had personal experience of upgrading ubuntu completely borked early release of ZoL, but not its much more mature now, even baked into the installer (for desktop version))
Going with FreeNAS on bare metal is another option. You still could run downloads, Plex and etc as Freenas Jails/containers or plugins with some limitations, like you won't be able to use Hardware acceleration on FreeNAS as it's underlying OS - BSD doesn't support it, at the same time I5-2500k at 4.6gh is about 10k on PassMark so it's should be able to handle at least a few videos transcodes without need for QSV or Nvidia GPU and a Plex Pass.
It is highly recommended NOT to use simple Raid5 with drives over 2TB as rebuild times are too long. with 4 drives dual parity is likely not needed, so I'd suggest raid10 or 2x VDEVs with Mirrors. 4x8TB drives should give you about 14TiB usable storage or 11TiB of practical usage (20% free space limit)
ZoL probably going to be a best overall option, but requires more expertise to maintain/upgrade (I had personal experience of upgrading ubuntu completely borked early release of ZoL, but not its much more mature now, even baked into the installer (for desktop version))
Going with FreeNAS on bare metal is another option. You still could run downloads, Plex and etc as Freenas Jails/containers or plugins with some limitations, like you won't be able to use Hardware acceleration on FreeNAS as it's underlying OS - BSD doesn't support it, at the same time I5-2500k at 4.6gh is about 10k on PassMark so it's should be able to handle at least a few videos transcodes without need for QSV or Nvidia GPU and a Plex Pass.
It is highly recommended NOT to use simple Raid5 with drives over 2TB as rebuild times are too long. with 4 drives dual parity is likely not needed, so I'd suggest raid10 or 2x VDEVs with Mirrors. 4x8TB drives should give you about 14TiB usable storage or 11TiB of practical usage (20% free space limit)