These options are explained in great detail in the manual which you can find by going to Help > GoPro Studio Manual. This article contains a brief description of the Advanced Settings.
In many cases you will not need to touch the advanced settings at all. However in some cases, especially if you plan on using your video files in 3rd party editors, you may find yourself making changes. Here are the Advanced Settings options and a brief description of what they do.
Image Size: Use the Image Size setting to adjust the resolution of the converted clip.
Frame Rate: Use the Frame Rate setting to adjust the frame rate of the converted file. This can be used to add slow motion to clips recorded in a high frame rate. You may also want to change the frame rate to match the frame rate of other videos files you are working with elsewhere.
Speed Up: This option makes the video play faster, simulating Time-Lapse.
Motion Blur: This option applies a motion blur to smooth out videos time-lapse output.
Quality: The Quality setting affects the data‐rate used in the converted GoPro CineForm file. The higher the quality, the higher the data rate (and file size).
Remove Fisheye: Checking the Remove Fisheye option applies a “lens adjustment” to the converted GoPro CineForm file giving it a smaller field of view (FOV).
Remember Settings: This option allow you to process future clips in your Import Bin with the same settings.
Make 16:9: This option appears as a checkbox when you select a new image size of 1080p or smaller and the source video has a 4:3 aspect ratio. When checked, it scales and stretches the 4:3 image to fill a 16:9 frame.