1. Find best gamma mode for your projector/tastes
2. Use DVE for Brightness / Color / Tint / Sharpness only (Not contrast)
3. Pre Calibration Calibration

100% IRE window - bring all three levels as close to 100% as possible using subtraction from high level RGB settings.

example: If red and blue are higher then green, only subtract red and blue & leave green at 0/middle point

30% IRE window - bring all three levels as close to 100% as possible using low level RGB settings.

As you are doing this check brightness to make sure you are not bringing out the Below black bar.

Then proceed to do a ~100% RBG match using

40 IRE then 90 IRE

50 then 80

60 then 70

all while not touching the positive gain settings for your (untouchable) color.

4. Reajust brightness if needed
5. Go to 100% IRE window and still make sure its all ~100% for RGB
6. Raise up contrast until one of the colors drops ~4% or more. (you have run out of that color) Then set the contrast back a click or 2 until you have all at 100% again.
7. Do your greyscale calibration as normal from here.

What do you guys think?

Gotta say, I'm not crazy about it. You seem focused on setting the luminance for 100% white to the highest possible value. I haven't left a display I've calibrated set to the highest possible (without falloff/clipping) luminance level, ever. That's unwatchable without headache/eye fatigue in a darkened room. Some newer LCDs can't even be reduced in luminance enough to make them comfortable to view in a darkened room.

I agree Doug. It's much more important to get the Brightness (black level) adjusted properly. Otherwise, you will lose a lot of detail in dark scenes. The Contrast control (white level) should be set to a comfortable level, when using a 100% White window test pattern. The 5% gray bars test pattern should show all bars (especially between digital 16 and digital 235) as distinct bars with no color tinting anywhere.

SOWK -- See http://www.avsforum.com/avs-vb/showthread.php?t=1029594 for details on a correct calibration procedure.

I'm assuming that you are using a colorimeter (Display 2/LT, Spyder 2/3, etc.) to make your adjustments. If you are not, then your procedure won't work very well. You should be shooting for D65 adjustment, for your grayscale.

Just throwing out a procedure without supporting information doesn't help.

Also most displays do not clip above white information. Using your method any picture information above white that is contained in a movie is going to suffer a color temperature shift.

http://www.avsforum.com/avs-vb/showthread.php?p=13406530#post13406530
I've never found any commercially available material that stays under 235. (except maybe Avia but I regard it as useless for this very reason) Its a white reference remember not a limit.

Video looks way too clipped anyway even if you maintain all the variation up to 255. I don't think I could watch a display that clipped at 235.

Any highlights above 235 are going to see a color temperature shift away from whatever color you run out of using your method.