A question was asked in the Avid Community forums as to whether a LUT could be blended in Media Composer as it can in Premiere Pro. The answer is yes, but it takes two effects to do so. The first step is to apply “Color LUT” (v8.3 and later) from the “Image” category within the Effects Palette:
Then apply the “Superimposition Effect” on top of that using the “option” (OS X) or “Alt” (Win) to stack the effects:
Once stacked, go to the effect editor for the superimposition and change the “Level” to your liking. As with other effects, this can also be key-framed over time. This can be done on a per clip basis or on a top track spanning several clips, or entire timeline. It would be a nice addition to add “Level” as a parameter to the Color LUT effect. Or in addition to that, allow users to save off stacked effects to the bin as a single effect which would be helpful for this as well as other effect combinations.