HDMI out is still 8bit. ATMOS converts to ProRes from an h.264 8bit signal.
I use MagicLantern all the the time and can record way longer than 20-30 sec. What CF cards and how fast are they? I’m using San Disk Extreme. The newer ones are even faster than the ones I have.
RAW is your best bet for color correcting. You can white balance after the fact with RAW, you can’t do that with HDMI out to a recorder.
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