Don't get me wrong, I still think the Z5's a great camera, and it's definitely a better low-light & long lens camera than the E-M5II. But I'm more a wide angle guy and the Z5's advantages (better AF, better sensor, better EVF) are less useful to me than the E-M5's advantages (better LCD articulation, better normal zoom, better IBIS)
So I traded in the Z5/24-50 kit, FTZ, 50/1.8G and 70-300E and came home with a 40-150 f4-5.6 R, 17/1.8, 45/1.8 and 75/1.8. That gives me a basic tele zoom for good light that I know performs well (it's copy #3 at least for me, maybe #4), and a fast and compact AF 35mm equivalent (the 17/1.8), I've owned it before and while it's not amazing, it's quite compact.
The other two lenses I've not owned before, but they give me a truly tiny 90mm equivalent and a nicely sized and extremely good performing 150mm equivalent, both with f1.8. Both have long been on the list of m43 lenses I've wanted to own.
I will need a second body though, the AF-C of the E-M5II is just not usable. That will no doubt be an E-M1 Mark II or III. An UWA is also needed, as is the 40-150 f2.8 Pro. And I'll probably pick up a fast normal as well.
But for now I have two really usable 2-lens kits with the E-M5II. The 12-40 can pair with the 75 very well, and the 17 & 45 pair well. One for really light carry, one for serious work. And the 40-150 can be thrown in the bag whenever I want a little long-lens coverage.
Plus the 17 can stay on the E-M5II when using it as a webcam, so when I have that second body I can have a kit ready to go while still having the webcam hooked up.