It doesn’t work correctly. It changes colors other than black. This is how it should look (image-adjustment.slang with black level 0.3):
But this is what you get in crt-guest-advanced:
It would seem the only color that should be touched is pure black? (RGB 000.) Maybe taking a look at what image-adjustment.slang does helps?
Edit:
This is the reference image for easier testing with the RA image viewer:






I like it how it works now though.
Don’t want to do a simple cutoff on grayscale, that’s too retarded. 
Emulating a custom CRT monitor with a completely different black level seems to be what’s needed.




