Monitor Settings for Color Grading

I have a Macbook Pro Retina and the setting is optimized for LCD Retina display.
I am color grading on a Vizio 1080 monitor. Should I leave the profile as is or change to Adobe RGB on the Retina.
I did run the timeline on a friend's 46 in monitor and it looked ok.
My main purpose is for Film festivals.They will probably screen on a plasma or large monitor but the eventual output will be for Bluray on a theatre screen.Will I see a difference?
 
Ideally, you should get one of these (or one of the numerous other ones out there): http://www.bhphotovideo.com/c/product/838843-REG/Datacolor_S4X100_Spyder4Express.html

To calibrate your monitor properly. Proper calibration changes depending on ambiant light, etc.

If you pay attention to the scopes and histogram you could do grading without a properly calibrated monitor and still achieve consistent results. If you're doing it all 'by eye' you should use a monitor calibration tool, and calibrate it every time you change something in the room (lighting, monitor angle/position/etc)
 
Ideally, you should get one of these (or one of the numerous other ones out there): http://www.bhphotovideo.com/c/product/838843-REG/Datacolor_S4X100_Spyder4Express.html

To calibrate your monitor properly. Proper calibration changes depending on ambiant light, etc.

If you pay attention to the scopes and histogram you could do grading without a properly calibrated monitor and still achieve consistent results. If you're doing it all 'by eye' you should use a monitor calibration tool, and calibrate it every time you change something in the room (lighting, monitor angle/position/etc)
Thanks Will,
The monitors are new, but I will check the calibration,however whatever I do is going to play differently on any given monitor.I guess I was more interested in whether or not the profile is suitable for projection in a theatre.I do use the scopes and try to use a combination of scope and eyeball.In most cases my highlights are at the 100 mark and shadows never below 0.I assume the 100 mark would be like 255 in photoshop where my highlights usually stay around 241 for detail.There are some clips that are plenty hot at the 75 mark of the waveform.Can the highlight be anywhere between 75-100 on the waveform and still be correct?
 
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