I expect you are have issues with Cineon as an encoding curve, it is not the optimal choice as it is not very efficient for using the available codewords. Hightlight are not blown out, some are just above 1.0, in RAW they can be restored. Open Studio and try reducting the gain or exposure, all the highlights are still there. You can encode Protune, and decode to Cineon if you like, that is better than encoding Cineon.
-l90 -- SI-2K curve
-l400 -- Protune 12 stop optimized
-l900 -- Protune 13 stop optimized
While the default Protune log curve and -l400 curve both store 13+ stops, it is just a matter of emphasis, and how much do you need to dig into the shadows at the mild expense of midtones and highlights.
I've noticed a bug, when I try to convert files as -l400 for 12 stops in raw2gpcf, they show up as Custom Log 255 for encode and decode. I'm guessing Custom Log is an extension of the Protune curve. Also, I noticed some functionality things when working with CF Raw Protune in AE. When in 32 bpc I can see that there are values above 1.0.
I can recover these slightly with the tools in AE. But, it doesn't recover all of the highlights like the Cineon 95-685 curve does. I like how Protune looks and is easy to grade and work with.
I'd just like to figure out how to keep the files completely Protune and fully recover highlights. Changing the Sat Clip Point slider from .5 makes the highlights pink or green.
Edit: When working in 32bpc, AE can read all of the raw data as if it has only been debayered but still does not have a curve applied. So we have access to the entire dynamic range with Protune even if there seems to be some clipping in Studio Premium. If the highlights are recoverable in ACR, they're recoverable with CF Raw in AE at 32bpc. I had it wrong before as I was trying to use the HDR Highlight Compression plugin; I should've used the Exposure plugin. This will keep detail in the Highlights without making the mids all plasticky. Still haven't figured out how the Sat Clip Point slider works I guess, because I can't get it to recover highlights.