There is no single correct answer. Different displays behave differently, and therefore something that works on one display doesn't work on a different Display.
For instance on the Sharp Elite, in 10 point mode, comes out of the box with a pretty good contrast setting maxed out at 80. But if you turn the 100% RGB control up above it's default of 50 (range 0-100), you'll see that you start clipping, so you have to turn contrast down, which makes calibration very difficult after that point. But if you only turn the RGB controls down at 100%, then it works very well (although the 90% control is extremely interactive with 100%, so you really have to adjust every point while calibrating 100%).
With cuts and gains, the gains always effect the cuts and vice versa. The ony solution is that you recheck your work when you think you have both set correctly until you don't need to adjust either of them.
If you start off with contrast correctly set and backlight set approximately, and you only turn the gains down I've never seen a display cause clipping. Then you can go back and see if you can turn contrast up a click or two, but it's not like you end up starting from scratch, just maybe a click here or there.
CalMAN Lead Developer