Hi Bob1dp,
It sounds like you have a background in Ikegami cameras or something like them. I too like this feature when shooting with the Ikegami, it is interesting to watch the RGB adjustments to get a feel for what the camera is doing.
With the Ikegami’s you can view the RGB settings as either “absolute” or “offset”, absolute showing the adjustments, and offset setting RGB to 0-0-0 so if you were to make any manual adjustment directly to the camera or via the remote, you know where you started from, a kind of safety backup.
The Varicam operates in this way too, but does not give you the absolute readings, rather the saftety backup of 0-0-0.
My experience of the menu “Offset” function in the Varicam is that you can set in a pre determined RGB WB offset to what the camera is setting. For example, if you were white balancing and were unhappy with the result and felt that a bit more R or B chanel was required, then you turn on the offset menu item, white balance, make your manual changes to RGB, store it, and now when you white balance the camera will always add in the offset you have set until you turn the menu function off.
I find this function in the Varicam, and the Ikegami cameras I have, a useful thing. IMHO because video cameras use the G channel as a reference when balancing, most images tend to come out a little green shifted, so I add in a little more R and B, in addition with some custom colour correction and matrix settings, to achieve what I feel is a more correct look. Each to his own. I hope this has helped, and hasn’t been a “suck an egg” thing.