Since you're already fighting color banding, the good thing is to 32-bit colors in Settings -> Format -> Color model: RGB(A)-FLOAT. Note this could slow down your playback and rendering.
Guys, hold on a second. Unfortunately I just discovered the RGB color model is required for this recipe. The YUV model causes big color shifts for an unknown reason. Moreover, I found JPEG mode completely incompatible with YUV color mode, even without any filters or hacks, and I lost the track of what's going on already. Must be just a bug because nobody tested JPEG mode in years. Could you please advise me any tool to detect shifts in color channels in order to compose a proper bug report? All I could do now is just to screenshot the difference between the compose window and render results.