@DeafEyeJedi - I saw your other post but didn't get around to replying yet.
First thing's first, I noticed you added 2 instances of OCIO to get from Cinelog V3.0 to Rec709 - If you only want a rec709 look you can simply select Cinelog V3.0 as input and Cinelog rec709 as output because any colorspace transform will happen silently in the plugin - that's one of the great things about OCIO, it's a realtime color management engine.
The reason you might want to add 2 instances (i.e. the sandwich I described) is for adjusting exposure (without the influence of gamma i.e. scene linear space) but retain the display referred (rec709) look for a visual reference - this also helps when using the Adobe Exposure plugin because it
either uses gamma compensated math or, if the gamma compensation button is ticked, a simple slope (i.e. it's the same as pulling down the top left node in the curve plugin). I prefer this option ticked because the signal behaves similar to in-camera exposure and Adobe don't say exactly what 'gamma' is actually being compensated for - is it sRGB, or Rec709, is it linked to the .ICC profile etc etc. BUT, it's up to you - you might prefer the look of gamma compensated exposure adjustment
re: the shadow/highlight plugin - I don't know exactly how it works (I've never used it in anger) so I'll need to pull up a greyscale ramp and play with it but if the image looks good to you under rec709 OCIO output (and with AE's workspace set to Rec709) then it IS correct - you are the colorist here
The output or display referred transforms (rec709, sRGB, rec2020 etc) are simply acting as limiters to keep your image within the chosen display space. These are based on the actual transfer function math (contained in SMPTE standards like bt709 etc) but also have a soft clipping s-curve added - this is to keep the image looking more realistic and not too flat in the mids. The softclipping also helps control highlight rolloff which a simple transfer function will otherwise clip.
To see what mean - set the OCIO output to rec709 (it's lower down in the config list under Display Spaces) - the display space transforms in this section are pure transfer functions and have no soft-clipping component to control the highlights so anything above 1.0 will be clipped when rendered.
Incidentally - our Rec709 luts/transforms are what we think a good, default look is for rec709 but every manufacturer has their own curve - you could try transforming to another colorspace then apply a Sony or Arri rec709 lut - indeed, Art Adams, a respected DP even advocates using an ARRI Alexa to Rec709 lut with Sony F65 Slog3/S-gamut3-cine footage - it's not a 'technically correct' thing to do as the wide gamut transform to rec709 primaries is not a true inversion of Alexa Wide Gamut (as the lut was made for) but apparently it looks good - to him
I should warn though - only ever do this as a final 'look' - actual colorspace transforms (i.e. when making intermediate Cinelog masters etc) are mathematical so any alterations you make to the signal will have consequences when you try to invert it or add any look, specific to that colorspace.
