LUT's created before hand and one lights done on set for dailies should never be used to master the film anyway. LUT's are created so that the signal that is being sent to village isn't raw or log and the client/director/producers aren't complaining about how flat the image looks, that there isn't enough contrast or saturation. Predefined LUT's also don't work for every single shot you are going to have on set. They will inevitable have to be tweaked.
Dailies have a very basic one light on them just for the purpose of dailies. The DIT will take the base LUT used to correct for the Rec 709 look or whatever other stylized look the DP is going for and will then adjust it to make it work for that scene. Dailies are simply a reference tool to make sure coverage, continuity and overall look is there. Again, this is simply to make sure that those looking at dailies aren't complaining about a raw or log image. If your budget is higher, and you are actually paying a post house to create dailies, then a little more might be involved.
The colorist should also never just blindly use any looks created on set. Working on set does not provide an optimum environment for ambient light when doing color correction. It's also much harder to scene match while in the moment. It can be done, but as mentioned before, unless you are working on a very large budget film, you don't have all day to sit around and dial it in. If your DP knows what he is doing, he will use the dailies to make his notes for the colorist and keep in touch with them during the coloring to ensure his look makes it into the final film. DIT's main focus should be on making sure that the best image possible is available to post. The DIT shouldn't be concerned with achieving a final look for the film.