I'm using Magix Vegas Pro 17.0, build 455. I shot my video on a Sony A7Siii in 4k 60p, using gamma Slog3, and color mode S-Gamut3.Cine. The video was shot in 10-bit color 4.2.0.
I've imported my video into my project, and used a LUT provided by Sony to grade the colors to LC-709. This makes the video a little darker, so I've reduced the "strength" in the Video Effects settings from 1.0 to 0.4. The colors look pretty good.
My question is, should I keep the project properties "pixel format" at 8-bit, which keeps all of the color space options greyed out? Or should I change the pixel format to 32-bit floating range, which then gives me the option of changing the "view transform" setting rom sRGB (ACES) to Rec.709 (ACES)? The color seems to be more vibrant (although darker), but it takes much longer to render.
Bottom line... if I'm using a LUT to convert Slog3 to LC-709, can I simply render with 8-bit pixel format which keeps settings at default, or do I need to change the color space in the project properties to match 709?
I just want to get the best color possible, but I'm unsure if whether I'm doing it correctly.
Thanks