A shot by shot regrade destroys the color relationships between shots, and thus cannot really be seen as an accurate representation of what was seen in theatres in 1977.
If the shots in the reference print differ from each other, but individual LUTs accurately match each shot from the target (4k77, the BD, whatever) to each shot from the reference, then surely the color relationships should be preserved? By “color relationships between shots”, I assume that you mean the inconsistencies in color that occur from shot to shot.