Ok, excellent.
So basically it gets us back to the colours on set, but not necessarily the colours captured on film, or to the original grade.
It does give a great neutral starting point to work from, I am keen to try it out.
Well, since you would correct large parts of the reel as a whole, the shot to shot color relationships would remain intact, so unless the original grade had some color bias (even for shots that were originally shot under white light), you should recover the original grade to a good approximation, before it was captured on film, which would then introduce the bias of the film stock.
Poita and Dr. Dre are finally starting to join forces… my work here is done.