Nah, that’s the wrong way to go about it, IMO. I’d do a ProRes transcode of the whole film, without tone-mapping. That way I’d have the entire dynamic range and gamut of the footage at my disposal. Using footage that’s already been automatically tonemapped would be very restricting.
It probably won’t come to that though, at least not anytime soon. I don’t have as much free time as I used to when I made this restoration. (Plus, I have faith that this new 4K version will be good! If it ends up sucking though, I may change my mind and decide to do it, haha).
Not a huge fan of HDR, especially all the regrading that comes with these older films (nor the Atmos audio upmixing that seems to come with them), and I fully expect the new SDR Blu-rays to just be a tonemapped version of their UHD counterpart
Would love to see what you could do