I think this is the universal solution, if you know how to generate those LUTs. I mean, we may even have palettes for EGA and CGA color conversion, pretty useless from a cosmetic point of view, but much interesting in a nerdy way. (PSX games in CGA, insta-shivers!)
Luma conversion solution seem to be pretty interesting for the monochrome scenario, performance and complexity wise!
I think it’s the camera TTL exposimeter going crazy because of the high contrast between bright and dark pixels. I noticed this while comparing old days photos and modern video footage.
While doing my manual balancing, if I get to these level of brightness for any of the RGB channel, many games would simply be impossible to play as everything would blind you!
In my child memory, a black and white TV simply could’nt get to those level of brightness on white areas.
EDIT: What if you add this to ‘SEGA luma fix’ and change the name to ‘Luma conversion profile’ ? Off, amber, green, grey, virtual-boy, sega-fix