Not sure if this is a bug, as I think Red One M (R1M) cameras only support REDcolor 1 and REDgamma 1 at the camera end at the moment.
Using Redcine-X Pro v11 or above, I am allowed to select REDcolor 3 and REDgamma 3 for a Red One M clip, and export a new trimmed R1M clip with those settings. However, if I attempt to generate QT proxies they play as full frame green, and the QT proxy thumbnails in Apple OSX Finder are black.
If I open the Trimmed R1M clip in Redcine-X Pro v10 (pre-REDcolor/gamma 3 versions), it puts the REDcolor and REDgamma setting back to v2, and QT proxies generate and play fine.
Hopefully R1M cameras will get a REDcolor/gamma 3 firmware upgrade at some point, but as I understand, if you can use REDcolor/gamma 3 at the Redcine-X Pro end, should the QT proxies work too?