This things don't meet FCC compliance. and technically are illegal to use in the US. The odds of you getting in trouble to use one - slim to non. The odds of it interfering with other things on the 5 GHz spectrum very high. Yet another advantage to Paralinx and Teradek products.
"Using a combination of DaVinici Resolve and Pomfort LiveGrade, they built custom curves to apply to the Rec.709 image"...... You mean applied curves to your log to normalize to a rec 709 btw.
For best results yes. You would have more flexibility and control doing your adjustments before a typical "delog lut" assuming you had log footage to begin with.
This is oversimplified.