That is one way to do it, and it let’s the fx be separate from the master (which would remain as RED/r3d, below the vfx with the matte). You will need to have 3 files for each vfx shot;
1. The master (Red/R3D)
2. The VFX shot
3. A matte/alpha to cut out the VFX
Ideally you want to have the master on v1, the vfx shot on v2 and then import the matte like so (Thank you Peter Chamberlain!);
‘Within the media pool, select the clip that the matte needs to be associated with, now in the clip details window, select the matte, right click and select, …. Matte…
You will see in the media pool the image clip now has an indicator showing an associated file.
Now in node graph, right click to add matte, link as needed.’
Note, the matte needs to be the exact same duration as the SOURCE clip
This also let’s you grade the vfx separately if need be.
Another alternative would have been to render out to RedLogFilm (Gamma) DPX sequences for the VFX, and then use a display LUT on the vfx clips while grading to monitor in (The LUT doing a RedLogFilm to RedGamma (or whatever gamma space) conversion), this let’s it feel/look like a normal R3D and gives you the full colour latitude of the RAW file. Of course the VFX are ‘baked in’ but if the VFX has been done right and no more colour matching is required this should be fine.
Let us know how you get on!
Best wishes,
Toby