Matt - I had an ISF about a month ago. The calibrator set the color decoding at 13-15-5-3 respectively.
Since ISF, I needed to make a couple changes, since the image wasn't pleasing to my eyes. I have a 57" Sony RP so everything has to be correct for the image not to hurt your eyes.
Since ISF, I needed to change SYSM from 3 to 2, since 3 makes the image too soft, and harder to focus on. I also changed the color decoding a couple ticks to 15-15-5-3. This was much easier to look at. I'm not sure why changing RYR up to 15 from 13 made the image easier to see, but it did.
I tried your setting Matt, of 14-14-6-4. I don't have the clibration equipment for coloring, but this looks absolutely dead on. When i say dead-on, it matches the exact coloring that i see on a movie screen. (i'm just talking the settings for the component input on my tv right now). I tried a few movies out with this setting, and it looks perfect. Even "KenTech" confirmed this setting for color decoding worked the best for 480p on one of his posts.
Unfortunately I can't keep it like this, since something about it makes the image harder on the eyes, which could be because it doesn't "match" or compliment the rest of the ISF settings. I still don't understand the interactions of the cut/drv's with the color decoding vlues. This is because I see some drastically different settings with people's color decoding.
I still wonder why changing color decoding values have such an effect on how your eyes view the image. I have a VERY keen eye for colors, and notice the distinction of colors in films But the settings of 14-14-6-4 for 480P content looks as close as i have ever seen it.
As for "reddish faces" - for dvd material, there is actually supposed to be some reddish tone to faces. If you watch film material, there is a notceable amount of reds in flesh coloring. Check out this trailer for Da Vinci Code - http://movies.yahoo.com/feature/thedavincicodeqt.html
If your computers colors are set right (which usually they are) you will see that this trailer is a great example of how colors are supposed to look on film/dvd material.
I have my color decoding on 15-15-5-3, which is all my eyes can really handle, but hopefully i can change that to what Matt and Ken had come up with (which looks the closest to film material as i have seen it get).