This technique would incorporate, in the back end / behind the hood of premiere, The Flow Chart from Encore/After Effects, Adjustment Layers (in the Expanded Lumetri panel), Masks, Tracking, and dynamically linking the "Adjustment layers" to effects in the Effects Control Panel to make adjustments in the Effects Control panel as well.
This is basiclly a way for Premiere to introduce 'Nodes' while maintaining it's current Effects Panel. The one issue I find with this is parallel nodes. I'm not sure what the stack order would look like in the Effects Control Panel. Each 'Node/Adjustment Layer' should allow for tracking of pixels, as it currently does, bezier masks with the pen tool to isolate pixels, and as I mention before the Flow of nodes should follow the stack order in the Effects control Panel.
This is valuable because currently the Effects panel is the only way of tracking multiple color adjustment on a clip/adjustment layer. With multiple Lumetri Effects on a clip the renaming and stack order of effects gets clunky and confusing. Adding this feature to Premiere will help editors intuitively follow the adjustment made to clips.