Using previous edit is actually the most easy and straightforward method, one should try to enable it by - in your example - applying fades and transition after CC. What about adjustment layers? They can't be used for CC/looks (for other purposes, they can be "v'd"). Otherwise the previous edit would show the last frame before the AL connection instead of the out-point of the last clip. But color correcting (as opposed to look-refining, see below) beneath an adjustment layer isn't too comfortable anyway. Better to save this for another stage of CC, see below.
We must consider some workflow rules for ourselves beforehand. The saved reference stills are great, but the best way to use them is to define the desired look / the mood of the whole feature. Like, when you already have achieved consistent colors throughout your whole sequence (> previous/next), you then define an image (not necessarily one from the sequence in the first place, you might take an oil painting or something from shutterstock) as reference for the desired look.
Because upholding a certain workflow logic is so crucial for CC, you'd then never go back to your Color Wheels 1 but instead create new instances of the CC effect to get the look right.
Imo the CC capabilities of FCP have become mature with 10.4.4, but we should send feedback to Apple, that we want to be able to rename those CC instances for making their individual purpose more clear in he process.