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You just enter the metadata into x265 while encoding and that's all you need to do afaik. With that said, I don't think the metadata is actually all that important, it's more important that metadata exists at all (so the TV knows it's HDR) than for it to be exactly the correct metadata. The metadata doesn't really change the image data, afaik it's there as some kind of orientation for automatically reducing the dynamic range of the HDR material for TVs that have a lower dynamic range/not enough nits. Hence no urgent need to take it into account I think. At least that's how I understand it, someone correct me if I'm wrong.
I think the bigger challenge here would probably be to get correct looking colors, since I think they don't work 1:1 the same way that Rec709 colors work (may need some matrix conversion or whatever?). I could be wrong, but I tried grading HDR footage a few times raw just by playing with curves and the colors never came out quite right. With that said, you could probably just generate an SDR to HDR conversion LUT and then apply that to the color reference and use that. Also would have to see if just combining luma and chroma works well in HDR, certainly curious to find out if you try.
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