It really depends on what your final product is…
If you are working with an SD analog source (Beta SP), and plan to send it back to Beta, keep setup.
If you are working with a digital source, and plan to go to a file-based format, setup is not necessary.
There will be caveats to everything. Some old-school engineers insist on seeing 7.5 IRE on every product going to air. Generally speaking, setup is not necessary, unless it is.
The biggest question I have is why would you want to bypass your Mojo? You are looking at the most true representation of your ouput – what you are looking at is what is going to tape.
Jon
Be curious, not judgmental.
Walt Whitman