I think I would probably do both together. Before, I was talking about input profiles for LED lit lighting, especially ones like this one, which causes Filmulator to absolutely flip out:
It would be an interesting trick converting the E channel to G and then pretending that it was always like that for the rest of the pipeline… I may have to look into it.
It would have worked the old way, where I applied white balance after converting to sRGB, but that was causing me issues with extreme auto white balance so I had to abandon it.