Rec709 Proxies from Ursa 12K footage

Hi all. I'm new to Davinci Resolve. I recently shot for the first time on the Ursa 12K and I have a bunch of footage to sort. The first thing I'd like to do is make rec709 proxies of all the footage so it will play back smoothly off external drives. I'm struggling to do this.

I've set my camera raw settings to one-eighth res for fast transcoding and I am using Media Management to create the proxies. My problem is that I can't seem to output Rec 709 proxies. The proxies end up being either log or VERY contrasty (like as if a log to rec709 lut has been applied twice).

Under Project Settings > Color Management the following settings make the footage play in the viewer in rec709, but exports are still log:

Color science: DaVinci YRGB
Timeline color space: Rec.709/Rec.709
Input lookup table: Blackmagic Cinema Camera Film to Rec709 v2
Output lookup table: Blackmagic Cinema Camera Film to Rec709 v2
Video monitor lookup table: Blackmagic Cinema Camera Film to Rec709 v2
Color viewer lookup table: Use video monitoring selection
Scopes lookup talbe : Use video monitoring selection
3D lookup table interpolation: Trilinear

If I change the Color science to DaVinci YRGB Color Managed and the Resolve color management preset to SDR Rec.709 and the Output color space to Bypass, then set all the lookup tables to No LUT selected, the footage also plays in the viewer as rec709, but now the proxies come out looking like the conversion has been applied twice.

If I then change the Output color space to rec.709, the preview becomes log but the output is still the same.

I've tried to add screenshots here, but whenever I click "Add the file" the form is reset.

I'm using the latest version of Resolve.

Any suggestions? All I need to do is preview the footage in rec709 and export rec709 proxies (with no other adjustments) as quickly as possible.

Screenshot 2021-05-21 at 09.02.20 copy.jpg (163.86 KiB) Viewed 362 times

Screenshot 2021-05-21 at 09.03.15 copy.jpg (230.28 KiB) Viewed 362 times