You definitely shouldn't be doing final colour correction in Red Alert. Those controls are meant for you to be able to get the target exports to look like what you shot (correct colour settings, etc. -- I'm not a colour expert), not look like the final product. RED footage isn't simple, though -- the one time I worked with it, we did have to have a colorist go through Red Alert to make sure all the settings are correct. It's not just "hit 'export' and run". So some tweaks to the settings are necessary -- but not to get a "look", just to get it neutral and to represent the shoot accurately.
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