Just a hypothetical - if one used a LUT on an adjustment layer above everything and then graded everything so that it looks good with the LUT and then exported a 10bit file without the LUT, could this be used as HDR output?
Even then without an HDR monitor you don’t know how it’s going to look until it’s fully rendered and viewed in HDR on your TV.
Really you need to do your adjustments in HDR with a proper monitor for it to work well.
Exactly.
Theoretically, you “can,” but it certainly wouldn’t produce a great result. Monitoring in HDR is a must if you want to master in HDR.