White Balance w/Sony's tools is something I struggle a lot with. The problem is I have a lot of TM700 and Contour footage, which is horrifically tinted, and Vegas isn't good at doing automatic corrections in the way that Photoshop is.

In Vegas, I find I need to use my eyes (and stacked levels plugins). But that can be maddeningly difficult, because my eyes/brains are naturally constantly performing white balance corrections.

On top of that, my editing room has variable light, and my monitor, while decent and corrected, isn't reference-quality. It's a florescent LCD, and no matter what, it has its own tint(s) to contend with.

So here's an interesting solution I've come up with: create a blank white image, save it somewhere, and change your desktop background to the white image you just created. Notice how it may or may not look 'white'. But, we know it is, no matter how white it looks. This is going to be our reference.

Now, start up vegas, load your problem project, and float the preview window and the fx window. Drag the rest of the app off screen, so that your two working windows are surrounded by blank white. Correct the image so that white/gray regions match the surrounding blank white.

This seems to work really well for me...hope you find it helpful.