You don't need to check max bit depth, although it shouldn't hurt. I would not use the QT container, just use the H.264 format, which also has Vimeo presets.
You might try 2 pass encoding if you haven't. Also, be sure to check the resulting video in different players(QT, VLC, Vimeo) and on different systems.
5000 kbps is pretty low for 720, but yes it is Vimeo's requierement.Sometimes I hedge a little bit and boost the Mbps to 8 or so before sending to vimeo. I don't know if this helps or hurts. They seems to recode everything anyway.
