F*** me Dre, stop being so awesome! I would worry about correcting all the frames individually, as I bet you would introduce flicker, but if you averaged the resulting LUT from several frames/shots and applied the same correction to a whole shot/reel, you really would have something there.
I would even argue that if you did it right, it would be just as valid of a color reference as a Technicolor print, or the JSC, which are both slightly wrong, but your result wouldn’t be any more wrong.
-G