[Matthew Jeschke] “(I noticed composited text in vegas has a tendency go over 100%”
That’s because the default text settings in Vegas are not broadcast safe. To make them broadcast safe you need to set white to be RGB 235,235,235 and black to be RGB 16,16,16.
[Matthew Jeschke] “Basically my question is this, what do I need to do with my clips to ensure they will play back nicely on the various TV sets out there.”
There are two scopes that you need to look at. The Waveform Monitor and the Vectorscope. The Waveform Monitor will show you the lumanence values in your video. As you said, you want to keep them between 0 and 100. You can use the Sony Levels FX to do this. Here is an example of not broadcast safe levels:

The Vectorscope does the same thing for colors. You don’t want any of your colors to be above 100. You can use the the Color Corrector or Color Corrector (Secondary) to bring them within legal limits.
Finally, you want to drop a Sony Broadcast Colors FX on the Master Video Bus with the Lenient – 7.5 Setup preset. This will clamp down on any transients you may have missed but you don’t want to use this alone because it clips and that might look bad.
~jr
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