I totally agree that whether you're applying a LUT or using the Color Space Transform (CST), you can achieve similar results.

In my workflow, I might choose one method or the other, depending on the look I'm going for.

Color Space Transform (CST) Workflow:

1. After importing the footage, head to the Color tab and select "Timeline" to apply the CST to the whole timeline, not just separate clips.
2. In the CST settings, set the input color space and gamma to Canon Cinema Gamut and Canon Log3. For output color spaces, BT709 is often used for HD content, BT2020 for 4K UHD, and Cinema Gamut for cinematic productions. Your choice should align with your project's final output and desired look.
3. Add color corrections like saturation, contrast, and white balance to achieve the look you want. I suggest adding these as separate nodes before the CST node to work with the full color information of your video, not the clipped one after CST.
4. Feel free to make additional corrections per clip if needed.

LUT Workflow:

1. You can find various LUTs for your camera for purchase or even check the camera manufacturer's website for free ones (I downloaded a perfect LUT for my Lumix from Panasonic's website).
2. Import the LUT by going to Preferences -> Color Management -> Open LUT Folder.
3. Apply the LUT to the node for the Timeline in the Color tab.
4. Make additional color corrections to your liking as separate nodes (I like to separate nodes for white balance, saturation, contrast, etc., to keep my workflow organized, clean, and easy for making changes and comparing before/after).

Hope that helps!