I still use FCP7 to edit because I like using Apple Color. My work flow goes like this: 
-MTS converted to Prores HQ 422 via Media Encoder 
-New file imported to FCP7 
-Edited sequence to Apple Color. 
 
Now my question is, should I be worried about this clipping issue? If so, what is the FCP equivalent of Premiere Pro's Fast Color Corrector? 
 
Please help for I am now paranoid! thank you!