O.K..it might show the deisred effect in a WFMon a single frame... but..
You need to take a close look at how the Broadcast Safe Effect works on the image. (moving image)
It is a KEY ...and a very clunky ugly one at that.
Look at the image and see what it is doing to it. eg Highlights. - noisy mushy ugly stuff. My broadcasters QC would reject it immediately even if I let it past my suite.
There is no control of Chroma Luminace issues ( usually / always RED).
No way to control "transient spiking". Its one control does all in BC Safe Filter. ( Set and forget.)
Steven, every camera has the abilty to produce non legalised video levels. (Super white) Thats a good thing and is necessary to photography.
Then..I could show you clips that are BC illegal as well as same clips legalised and you would not even know the difference (without a WFM).
Legalisation is a technicality (eg bandwidth) and not an academic issue or an issue that you can even see.
Dont sweat the IRE. (Levels are your best friend)
Pix direct from my camera. Can you tell which ones are BC legal or not?