Yes they are both tied to the colour accuracy. The white balance controls can be thought of as brightness controls for each of the sub pixels individually. So if you increase, say, red brightness then everything on screen will now be tinted towards red.
The colour space adjusts each primary and secondary colour individually. So lets say you have a problem where only your yellows are tinted red, you could fix that by reducing the amount of red in the colour yellow. Now your yellows would be fixed and none of your other colours would be affected.
Also the white balance needs to be set before the colour space is adjusted because white balance will affect the colour space, but not vice versa. For more info check this thread: http://www.avsforum.com/avs-vb/showt...php?p=10632798
Without a meter you couldn't do that to any degree of accuracy but you can try adjusting the colour of Yellow as skin tones are close to that area on the chart. Also there is a Flesh Tone adjustment in the menu which changes the amount of red in the range of colours used for skin tones.
Yes you definitely need a colourimeter to do that. It's pretty much impossible to do by eye although there are a few people who claim to be able to do it.