You can set the software to use the Default 3D LUT in-camera, which uses the V-709 LUT in the camera, and then applies basic CDL color correction. Or you can set LiveGrade to 'Use 3D LUT from LiveGrade' which allows you to both load a 3D LUT into the camera and adjust the CDL parameters. These two options give you a lot of versatility in how you work with your material in post production. In the video above I show how to set up LiveGrade and the Varicam 35 for remote color grading. Check it out and let us know what you think.
Make sure to watch Part 1 here: Live Color Grading with the VariCam: Part 1 -- Camera Setup