As I said in your thread on the FCP forum, don't worry about broadcast safe.
Rec 709 is becoming the "plain vanilla" of color grading. It's a universal standard that anyone can pull up on an HD monitor and see the same thing.
Some large shops have their own 709-to-film LUT that they keep tailored to their chemistry. A small shop like us, we custom build the LUT for every job, regardless of where it comes from or how it's prepared. Either way, Rec 709 is an easy way for us to see what your intent is.
Only go log if the filmout house tells you to, and then do it with their LUT and specs. So if you can't have an engineer from the filmout house come over and set you up, then Rec 709 is the best way to go.
Arnie
Post production is
not an afterthought!
http://www.arniepix.com/