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this is an older bunch of posts but should help some... mostly info about the clipping and quality when filter is used...pp or fcp...they more or less do the same operation...
the post about doing cc for broadcast safe (using scopes ) and not using the filter is probably the best IMO..
Is the PP CC Broadcast Safe filter reliable for professional delivery specifications?
I dont think it is flexible enough and never use it.
Simplest way is to apply Premiere 'Levels' effect.
You will note an "automatic" level clip at 100% and then its easy to set White RGB Out at say 250 and fix any Color Channel Luminance issue..the same way.
Then of course..Blacks.
FWIW - I use an Adjustment Layer to do this usually across the entire sequence
if you dont use the 'automatic' levels thing.. you'll see ( just like for photoshop levels ) the input and output adjustments you can make.. shooter is I think talking about the output when he says 250 ( instead of default 255 ).. and there is also black ( 15 maybe instead of the default 0 ).. its kinda like a basic first step for individual clips in timeline etc... same is true for titles etc.. for broadcast tv hates black and white ( 0 and 255 )...but you're on your way to doing what looks good to your eye and what the standards will accept for transmission ...
Im not an expert, but my take is that the zero and 110 you see in IRE is better off being 7.5 and 100 or slightly below... those are sorta like limits... the 0-110.. nobody likes it though...
light meters also have ire scales on them.. check it out...