I don't know much, but my understanding is it depends. If everything is coming from Blender then it's not as important as if you're using mixed media. Flimic Log and None with 0 exposure 1 gamma gives the most even color profile and thus opens more options and control without having to do color correction in Davinci Resolve. That's about as far as I've gotten. Someone else does the color grading. I come back in for the the ADR which is an awesome feature of Davinci.
I think the answer is yes to the first part. If you are going to color correct in another software, I believe you need the export your renders in the most neutral way possible, to have the most amount of range when color correcting. So for the second part, I think you have to work and set things up in your scene in Blender up to a point, without any post processing I mean, just with what Blender lets you do with lights and composition. JL has a good lesson about this in the old texturing Fundamentals, where he exports the files in the most counterintuitive looking for our eyes, but which makes makes sense if you're going to post-process. I'll link you up:
https://cgcookie.com/lessons/color-managing-textures
thank you Dwayne and Omar! I appreciate the responses! ill definitely keep that in mind for my future projects!