I am working with cineformed RAW files (encoded from R3D's) in AE CS4 and I'm confused about how to deal with the color.

Using Cineform RAW doesn't allow me to choose rec 709 as the colorspace in project settings. Is that the way it is supposed to be?

Am I supposed to color correct my cineformed RAW files using First Light before they're put
into AE?

Any guidance would be much appreciated.

Ooops. Just found that I can set rec 709 as the working color space but am still confused as to where and when and if First Light should be brought in.