Good point about rendering. I haven't noticed any performance issues playing footage with adjusted levels, but maybe it would be noticeable later on with more effects.
I was talking about something quick that's only cut and finished in Premiere. I guess I'll wait until picture lock, then add that effect to all the shots from that camera.
If really grading in a project (e.g. in Resolve), then I think it might be best to apply that level adjustment in Resolve AFTER the grade, to retain as much highlight information as possible.
