Yikes, that doesn't sound good. How exactly would you be able to grade it in a dynamic scene. Massive use of keyframe adjustments and tracking masks??
those are two different things:
1) you grade normally using a calibrated monitor in HDR (like the LG or better). you need to be mindful of the maximum nits that monitor can do and what happen to the values when it pass the threshold.
2) once that is done, you want to create dolby dynamic metadata that accompany the main HDR grade in order to tell less capable display what to do with the information.
for example, let's say that I did a 2000 nits dolby master, there are very few (if any) tv in teh world that can handle that value, so, there is metadata that can tell to a dolby compatible device what to do, you have 5 different level: 4000/2000/1000/600/100 nits (100 nits being SDR, on a dolby HDR compatible device). in that case, if your display only can do 600 nits, you can tell how to map the extra nits elegantly.
in order to do that, you need a dolby analysis and a trim value.
now, in resolve 16 studio, you CAN do the analysis, what you cannot do is the trim (You need the mentioned dolby license), but if you like the analysis and you don't need additional trims, you're done.
when you do that, you can activate the software CMU in the decklink card and see the result (I don't think you need anything else for that...).