Charles Angus
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That seems to be true for the FCP plug-in, but if it's the last thing you apply it shouldn't ad banding or degrade the image. You should do your CC first for precision anyway.
I would do grain/noise removal before CC, but grain addition after CC. That way, the optical flow in the noise reducer is dealing with untouched picture (which I believe it would prefer - easier to calculate vectors, and the noise/grain has not been magnified or altered to different degrees between clips), and the added grain is not being altered/magnified by the CC.
But feel free to call me crazy.