You can certainly color correct the tape. The challenge is how to handle dissolves. I’d blade the clip before the dissolve to the next cut or after the next dissolve. Then color correct that clip and add dissolves as necessary so the transition to color corrected footage is smooth. If the cameras are consistently off, you’ll be able to color correct one time and apply that to the rest of the clips to save time.
How a particular device handles video over 100% varies depends on how it’s set up. Most cameras can record over 100% and still not clip. AFAIK, zebras are simply indicators. They’re not a threshold over which clipping will occur. At least that’s the way all the cameras I’ve worked with operate.
John
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