Hi, I have a question about color management.
I may shoot or receive footage for editing that's been shot in V-Gamut/V-Log, REDcolor/REDlog or what have you, and when I open up Resolve I see two options to get started: going into the project settings and changing the color science to Davinci YRGB color managed, the input and timeline color spaces to the one corresponding to my video files gamut/log, and the output color space and timeline working luminance depending on the delivery medium, OR importing the clips directly, and in the media pool applying a LUT to each clip that converts the color from whatever-gamut-and-log to something that looks like Rec.709.
Are there advantages to the first method, or it's all the same since I'll do some grading anyway later, where I can correct for any odd color caused by the misinterpretation of some colors in the input file?
Also, will applying two LUTs in series like, say, V-Gamut/V-Log to 709-like and then 709-like to a film look, cause some loss of information, clipping or what have you?