You can use the Fast Color Corrector to bring down the Output levels to the proper 100IRE. This will restore some of the blown out highlights.
Whats the easiest solution for this problem??
Reshoot with proper exposure.
For the footage that you describe, you might have better luck if you apply the Levels (not Auto Levels), and possibly the Shadow & Highlight (turn OFF the Auto), before you do your CC work. Still, within the Fast Color Corrector, you do have the Output Levels that Jim pointed you to.
Note: the order of the application of Adjustment Effects can have a very big difference in the final - do not hesitate to explore the order that the Effects are applied in.
Good luck, and remember do NOT use any Auto Effects,
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I like to use one of the Curves (RGB or Luma) for this, because you can "bracket" the over-exposed (or under-exposed) values in your clip, and then adjust only those, with a smooth gradient into the adjusted values. Curves puts input luminance/chrominance values on the X-axis, and output values on the Y-axis, so what you're doing is essentially "remapping" an existing value to another. It takes a bit of getting used to, but is a very versatile effect.
Yes, Curves are a great tool. As with PS, they are a bit daunting, until you've done it a bit, but much more flexible, as you point out.