D-Cinelike, -3 contrast, -2 saturation, 0 sharpness - color grade in post.
At the very least you want -3 contrast to keep all as much of the dynamic range from the bright firework blasts, then add saturation and contrast back in later in post. 24 or 30fps (shutter 1/50 or 1/60 respectively) will be fine, and go 4K because 1080 on the Air isn't very good. ISO 100 if possible.