I used Doug Jensen's Vortex-1 profile recommended in his 2-DVD instructional video Mastering the Sony HVR Z7U and Z270U. I had questions about alternative profiles and here's the gist of his reply. There was an unanswered question from a year back, so I am assuming people are still insterested in the general principles:
The sole purpose of PPs is to make the camera look however YOU want it to look. That’s why there are so many options and no clear answers. It’s all up to personal taste. It’s little like choosing fonts, font colors, edges, shadowing, etc. when you build graphics. A million choices, and none of them are right or wrong. Just personal choices unless you really go off the deep end with settings that are crazy. Most adjustments on the camera only need very small modifications. If you have a setting that you’ve cranked up to +50 then you’ve probably gone too far!
I don’t like the way any of the Sony cameras look right out of the box because they are designed to look “flat” to give you a more neutral canvas to work from. I would never shoot without a custom PP for that reason. We sold our Z7U almost 2.5 years ago, so I don’t use that camera anymore. But if I did, I would still be using the the settings I recommend in the DVD. In my opinion, that makes that camera look the way I want it to look. Once I set the PP on any camera, I rarely ever change it.
From your email, I’d say that you have fallen into the trap that a lot of people fall victim to, and that is over thinking it. PPs don’t have to be hard just because they are a million combinations of options. So what? Figure out what you don’t like about the picture, and then change only the settings that will solve the problem. Ignore everything else.
I wouldn't worry too much about getting illegal colors unless you really go off the deep end changing settings. That would be very hard to do, and if you’re doing something for PBS, the footage will probably be graded a little bit anyway before it is output. Make the camera look good to your eyes on good broadcast monitor, expose everything perfectly, and just shoot. You’re over thinking it.
In the words of Paul Wheeler, BSC, a respected British cinematographer, “If it looks good, it is good.” That’s what it all boils down to. His book is good, by the way.
http://www.amazon.com/High-Definition-Cinematography-Third-Wheeler/dp/0240521617/ref=sr_1_3?s=books&ie=UTF8&qid=1296647976&sr=1-3
