LUTs can perfectly replicate any film sim or recipe. After all, Fujifilm themselves provide LUTs that apply the Film Sims to their F-Log video.
Film Sims are no magic. They are beautifully crafted, and have fancy names, but technically, they are no different from the picture profiles by any other manufacturer. They can be perfectly captured by a LUT.
And no doubt there already are very good Classic Chrome LUTs available for Panasonic.
The real trick, however, is that Panasonic can apply two LUTs! This is common in video production: the first LUT transforms the (camera-specific) raw image into a (camera-independent) known, calibrated color space, then the second LUT applies a look to that. This way, the first LUT can equalize different camera models to look the same, and the second LUT applies a look to their footage, and doesn't need to know about the camera model.
So, in the end, LUTs are better than film sims. They can do everything a film sim can, and more. The only caveat is that I don't know how much you can alter them in-camera. Part of the beauty of the Fuji recipe scene is that you can mix and match settings to adjust things to your liking. From what I've seen, some of that may be possible in the new Panasonic system as well. But a LUT by itself is not easily editable, so I don't know how that works.