On the other hand, Film will keep on pushing all the colors up the maximum exposure and if you have a strong light source, the colors will push into solid red, green, blue and you will eventually lose color contrast. Technically speaking, if you capture a low noise signal, film emulation should be able to theoretically convert properly if you ignore spectral, lighting, art design considerations.
That's not true, at least not in the D.I. world. If we pushed and pushed and pushed lots of saturation into the digital image in a D.I. projection room, what I saw the next day on the test answer print from the lab basically stopped getting more saturated after a certain point. I worked every day with staff color scientist Mitch Bogdanovicz, and he told me that there just weren't enough receptors in the emulsion to infinitely add more saturation, especially from a laser film recorder. So there were colors we could see in the D.I. room that we couldn't actually get from Kodak Vision 2383. We did get slightly better response from Vision Premiere 2393 print film, but not that much.
I still say that most of what people believe "looks like classic Technicolor" is a combination of tons of light, Nitrate film stock, great art direction, and the organic dyes used in Tech IB printing. I think you can imitate that look if you actually light it that way and have sets, makeup, and art direction that go in that direction. But it's not just a LUT or a grade or a plug-in.
Note that our office was in this Romain Street building in Hollywood for five years, so I'm keenly aware of the long history of Technicolor and what they stood for...
My joke always was, "the ghost of Natalie Kalmus walks the hallways..."