I don't know if I would calling it "calibrating" the camera, but if you have a proper grading monitor you could definitely make looks that you really like and get the most out of your h.264 by nailing the look in-camera.
Is that what you meant? Or do you feel your camera might have an issue you want to correct?
Just some raw JPGs I got out of it seem off in color. I haven't taken them into photoshop to try, but was wondering if I could tweak those settings in camera through the use of Picture Styles...