While the LED panels used in virtual production systems can display vibrant imagery with a wide color gamut, they produce problematic color shifts when used as lighting due to their peaky spectral output from narrow-band red, green, and blue LEDs. In this work, we present an improved color calibration process for virtual production stages which ameliorates this color rendition problem while also passing through accurate in-camera background colors. We do this by optimizing linear color correction transformations for 1) the LED panel pixels visible in the field of view of the camera, 2) the pixels outside the field of view of the camera illuminating the subjects, and, as a post-process, 3) the pixel values recorded by the camera. The result is that footage shot in an RGB LED panel virtual production stage can exhibit more accurate skin tones and costume colors while still reproducing the desired colors of the in-camera background.