Let me begin with saying: I know what a LUT is, I know what they're used for, and I know how to write them.

Now my issue is such: Say I'm color correcting a project in rec709, that was recorded in RedSpace. What do I calibrate my editing monitor to? Sure, it makes sense to have it set to rec709 since that's where I will be grading, but when I apply say a Kodak 2393 colorspace, and view that on a rec709 calibrated monitor, won't it be completely off? Or am I splitting hairs here?

seriously...