Any Rec.709 grade can be converted to XYZ. If you than watch it in cinema it should look like your original Rec.709 master on a grading monitor. This is theory- it will never look the same, but should be close. If you see any levels, gamma etc problems than this suggest bug in conversion step. There is no such a thing like Rec.709 XYZ as far as I know. Conversion should properly 'adjust' levels, gamma etc. regardles if you are coming from full or limited range.
It was interesting to see Christie projector against Sony 4K OLED monitor, where different black levels make whole image look totaly different (even if colors matched almost perefctly).