I think you are right. I see now that I am overcomplicating things.
To answer your question, no I do not add any color adjustments to the individual compound clips. I double click into the compound clips and make color adjustments to each of the angles from the multicam clip. When copying a clip made from the same multi cam clip from one project to another, any color adjustments made to the angles of that multicam clip that was copied over from the other project, does not carry over to the same multicam clips to the new project it was copied to - even if you break the compound clip apart to just the multicam clip, at least that's what I've noticed.
But as you said, the easier thing to do, and this makes total sense now, would be create your multicam clip, and use keywords to label the parts in the browser, then drag the clips to the timeline as you need them. I'm assuming that the color corrections you apply to the angles on the timeline will be automatically applied to new keyword clips you drag to the timeline? Also, to name those multicam clips on the timelines, would you use markers? Is this correct?
I really need to watch a few online tutorials on compound clips, but what Luis said has really cleared things up for me.
Thanks so much for your help and patience guys!