I just tested in a simple scene, and it does indeed prevent the Tonemapping (haven't looked at LUTs, just a quick test with exposure) with either set up of tonemaps on the bitmaps through the select, or the select itself through a tonemap (though it's less setting up to just have the Corona Select go into the Tonemap).
As noted, not everything is reversible, which could be what you are running into here, especially with LUTs