As far as the second part of your question dealing with the LUTs, I honestly do not understand what yu are asking. Can you break it down a bit more clearly for me?
Is it possible to bypass the active LUT When using false color?
The LUT increases highlights, so that when using LUT and false color at the same time, it looks like one is clipping the highlights.
Is it possible to have false color only show the raw signal, while LUT is active on the monitor itself?