How long does the measuring device survive, though? I’ve owned two colorimeters, and both became unusable in two years.
Assuming all devices are within spec, render accurately, and output the same signal formats, yes. If, for example, you calibrate for YUV input and then want to use a device that outputs full-range RGB, then clearly you have a problem.
If two different devices output different YUV pixel values when playing the same video file, then you need to sell at least one of them and use something that is capable of decoding the video correctly - using calibration to help with video decoding errors is not the way to go.
The way I see it, the mixing engineer who produced a recording (and the director and cinematographer of the film) spent a lot of time getting the film to look exactly the way they wanted it to look. And what I want is to watch the film the way they wanted it to be seen. So I want my TV to have the same calibration settings as the monitor they used when making the recording.
Maybe you prefer to make your own version of the film that looks completely different.
I owned a plasma TV that I calibrated by eye and watched for about two years before having it professionally calibrated, and initially the difference was profoundly off-putting - reds and blues looked ridiculously over-saturated. But after a while I began to think “Actually, those skin-tones do look very natural, don’t they? Oh, and those flowers actually are about that colour!” Everything looked real all of a sudden.
Since then I wouldn’t even consider not having a professional calibration done.
Having also tried the DIY colorimeter route, I would recommend against that; but you may find it fun. HCFR probably won’t be adequate, though, so factor in the price of the Calman software.