Hi Bob,
thought I should post the version I processed here for completeness. This is processed from the Raw file, interestingly enough the file opened up fine in Adobe Camera Raw on my machine without overblown reds. so I only needed minor tweaking to get to this point:
The fact it came up looking fine on my system indicates that it's an issue with Adobe Camera Raw (ACR) (as contained in lightroom) . Maybe there is a preset activated in Lightroom, or the other thing that occurred to me is the profile ACR is using is an old one?
Which version of lightroom are you using? The EXIF data reports software as version 2.0 . Updating ACR may download a more recent version of the camera profile?
On the dpreview link, that left me confused, it seems the post is about how the image appears in the Electronic viewfinder. On the youtube link recognize that all the settings he makes on the camera are not relevant for Raw images, they only impact the embedded jpeg. If you are exposing to the right they will be helpful as the embedded jpeg is used to judge exposure and make the histogram, setting it to a more muted version allows you to push further to the right as there is more headroom in the Raw file for highlights than in the jpeg. In any case I've got too many other things going on underwater to worry too much about exposing to the right as long as the exposure looks close when I shoot, I'm happy.
If you are correcting too much red, going to saturation is really not the best approach, it won't get back detail in blown reds it just turns the reds to muddy brown. The better approach is to get a full histogram in raw development and then import and fix things in levels. What you want to do is open a levels layer then go into each channel individually and pull the shadow and highlight markers up to touch the curve in each channel. Here is the red channel:
On this channel the red is fixed on the shadow end by pulling in the shadow triangle to 6 just touching the curve. Do this for each channel, in theory this works without even having to look at the image and colour blind or not is irrelevant. In practice if the image is clipped or displays long drawn out highlights like the blue channel:
This requires some judgement to place the white point of the blue channel, here I've placed it at 227. and it pulled excess yellow out of the image.
This is the most fool proof way to colour balance an image, it can just about correct a green water image completely and also it gets your midtone contrast up in one step, which is an important parameter for many UW images.
Let us know how you go with this.