Thank you both for your help!
Oliver, this is actually the only time I’ve considered using a LUT. Normally when I import footage from other cameras, it looks just fine in FCPX and I don’t have to worry about LUTs. I was under the impression that bringing in RED footage into FCPX, everything would appear flat and desaturated.
I’m not sure where to find the import setting “as shot,” but if you’ve found no problem with flat footage in your experience, then I will certainly forget about the LUT altogether. It would save me extra steps (especially because I’d have to apply the LUT to every Individual clip in the timeline).