I did exactly that (color correcting in AE) on a short I directed called “David Mamet’s Gilded Stones”
We shot 35mm; scanned to cineon files — brought them in to After Effects where I made the layer 3D — and then I added lights (spot) to create pools of light within the frame — (also an “Ambient” light as a fill light) also changed the color of the lights to color the scene — (we really warmed it up with amber spots and light amber ambient light) Then I motion tracked the spot lights as the shots involved a moving camera.
Then we recorded the 2k rez files back out to 35mm — Presto! A poorman’s Digital Intermediate. The actor was now walking in and out of these pools of light that we had created — it was a great cheat!!
The results were remarkably successful. The film played at Sundance; HBO/Aspen and AFI film fest… it was good fun…
As I was working with the Cineon files I simply added the “Cineon Converter” effect (under “channel”) which I turned on for previewing my color-balancing work then turned it off when I rendered out.
If you are looking for exacting results and want precisely the same colors that you saw on your $5,000 monitor, then yes I suppose LUT’s are in order — but I was just using an NTSC monitor and just more or less winged it and the colors came over to 35mm pretty much just like I wanted them to… I was shocked (as I had never done it before) — and BOY! Those 2k rez files are big and beautifully detailed!
Pointer: when you want to render out a test of your work — use the “streth” setting in the Output module of the render window to make a scaled down version (like 25%) as a preview copy of your work.
Good luck…