I would like to request the addition of a command to show the available video and audio streams and then an option to select a stream.

Something like
python main.py https://hi.com/test.m3u8 --list
To get the available formats
And

python main.py https://hi.com/test.m3u8 -v 1 -a 2 ./out.mp4

Also, an option to add encoding options for ffmpeg would be terrific