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I am considering selling both the A7R II and DP1M to converge to a [sd Quattro]. So my questions regarding IR shooting with it are:
1) Do I understand correctly that removing the built-in IR filter basically turns the [sd Quattro] into a full spectrum camera?
Correct, Ed.
And that using an external hot mirror filter (e.g. Tiffen or Kolari) basically replaces the internal one for visible spectrum photography?
Correct in theory. In practice, you get a slight blue cast from the Kolari.
Remember that the Kolari is a optical glass filter, while the filter you remove from the camera is a dichroic. B+W provides a dichroic for the lens but it is not suitable for a wide-angle lens due to dichroic filters being sensitive to incident angle of the rays.
Also be aware that color filters may include IR wavelengths, some do not and some only partially. I would be glad to help with further information.
2) For shooting color IR, I simply swap said hot mirror filter with IR filter of my choice (590nm, 720nm, 830nm, etc)?
Correct if I understand your intention. My experience with filters that include visible light, e.g. 590nm, has not been particularly satisfying to me, and neither have the classic yellow, orange or red filters. My personal preference is for no filter on the lens (full spectrum) with color adjustment in post.
Or am I limited to monochrome only?
No.
3) If yes to color, can the latest Hyper Color (470nm) and/or Kolari's IR Chrome filter be used with this setup?
Yes.
Are you seeking the Kodak Aerochrome look, by any chance? @Gary Radford can help you with that ...