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Hi K. Wasley,
This is Matthew Tomlinson.
It is certainly reasonable to create your LUT via Da Vinci Resolve ( There are other software packages you could use as well to do the same thing i.e. Nuke, Baselight, Lustre). The main item to remember when doing so to create a LUT using option 2 is to remember that the LUT you are creating is tied to the display you are using. Meaning that if you create a LUT using Resolve using a monitor set to Rec709 Gamma 2.4 Legal Range and your LUT makes your test imagery look amazing, that LUT is tied to viewing an image on a Rec709 Gamma 2.4 Legal Range. This means that if your goal is to make a DCP of your movie, and you are using your LUT, that you will need to map your LUT from Rec709 Gamma 2.4 Legal range to XYZ. Which is actually not a big deal but the point is that Digital Cinema currently uses Dci-P3 colorspace. Which is a larger colorspace than Rec709.
I personally am a fan of creating a LUT that maps to P3 and then make derivatives to Rec709.
Starting from a Rec709 starting point is not a bad thing, just something to be aware of.
There really is nothing wrong with using your Option 2 but (as an Imaging Scientist), whenever I go this route I always scrutinize the resulting LUT to make sure that there is not clipping or clamping. I will also run extreme colors through the LUT to make sure there is no color saturation quantizing. (You can test this if you are using colored LED lights on set).
Please feel free to ask any questions that you may specifically have for your situation if I can help and please let me know if anything in my explanation is confusing or unclear.