I don’t know about you all, but i wouldn’t do sub0-titles in my color pass. Either way when you export the finished QT/DPX/whatever, it’s baked in. How will you have a textless master then?
And i can’t think of one time, even on features, where every card was perfect all the way through.
IMHO, i would do the subtitles in Smoke/FCP/Premiere, as just changing a single period to 2 periods (just an examaple), will not require you to re-render the entire shot. hell, you may not need to render anything, depending on your system.
And if you’re setup up with multiple workstations, it makes even more sense, as you won’t need to book more time on the Davinci to finish your online Master.