Jonathon,
Did you not read my very post to your question? I answered this question for you. Look above, you'll see I tell you that the Kona LHe downconverts hd on the fly and I view it through component analong in my Sony PVM. I don't mind helping but you've asked this question 3 times now.
Worst case scenario (I guess) would be to down convert the HD footage to SD and color-correct in FCP via a Firewire and a SD CRT monitor. Correct? And if that's the case how would you do the the down conversion before the color-correction?
Yes, that is a very worst case scenario and one you should avoid. Personally, shooting hd to deliver in sd makes no sense to me at all. Darn near every show I've worked on this year is acquired in hd and then broadcast in sd and we use hardware downconverters that are horrendously expensive and yet the product is marginal.
If this is the workflow you're going to use, you'll want to use Compressor to change formats but geez, why on earth would you do this when a Kona LHe will do everything you want it to, right out of the box.