How to limit the render’s color palette for NTSC/Pal safe colors?
Should I use any gamma correction setting? Any exact settings for each format?
As a general workflow, it is probably wise to work in an unconstrained profile connection space (such as the 32 bit linear color internal) and render out to the highest grade output you can (linear EXRs for example.)
From there, you could sufficiently scale your colors and do proper color space transformations.
Your encoder should deal with the scaling and gamma corrections of something like 709 for example.
Hope that helps. If you have further questions you think I could be of help with, feel free to private message me on the forum and I’ll do my best to answer.