In version 3.5 Avid has added the ability to keyframe Color Correction. All you have to do is enter Color Correction mode and then open the Effect Editor (Tools menu > Effect Editor). See below for additional details.
 

 
The following text comes directly from the Avid Help:

 
Keyframe markers display in the position bar below the Current monitor in Color Correction mode. In general, these keyframe markers behave similarly to those you see in the position bar below the Effect Preview monitor when in Effect mode. For example, you can:

• Click keyframe markers to select them
• Delete selected keyframes
• Alt-drag (Windows) or Option+drag (Macintosh) keyframe markers to move them

You cannot add keyframes manually in the Color Correction monitor (as you can in the Effect Preview monitor using the Add Keyframe button). However, you can add keyframes automatically once you have added an initial keyframe in the Effect Editor.
 
NOTE: Complex color corrections with many parameter adjustments might result in many keyframe markers in the Color Correction monitor that are hard to distinguish. In many cases when your color corrections are complex, it is easier to identify and manipulate the keyframe markers in the Effect Editor.
 
To automatically add keyframes to color corrections in the Color Correction monitor:

1. Add a keyframe in the Effect Editor using normal advanced keyframe techniques.
   For example, if you want to adjust the Hue control in HSL > Controls, or have already made a first adjustment to that parameter, you need to add a keyframe to that parameter in the Effect Editor.
    
   Consider adding a starting keyframe to more than one parameter, for example, to all of the parameters in the group you want to adjust. If you do this, you have a starting point for further adjustments to any parameter. You can use the Remove Redundant Keyframes command when you have completed your adjustments to remove any keyframes that have no effect on the finished appearance.
    
2. If necessary, adjust the appropriate color correction parameter in either the Effect Editor or the Color Correction tool to set the parameter value for the keyframe you created in step 1.
    
3. In the Effect Editor or in the position bar below the Current Color Correction monitor, Ctrl-click (Windows) or Command+click (Macintosh) the keyframe added in step 1 to deselect it.
    
4. In the position bar below the Current Color Correction monitor, move the position indicator to the location where you want to set a new keyframe.
    
5. Make an adjustment to the appropriate parameter in the Color Correction tool.
    
   A new keyframe appear below the Current Color Correction monitor at the location of the position indicator. If you scrub in the monitor, you see how the animated color correction changes the image over time and how the parameter control moves over time in the Color Correction tool.
    
6. Repeat steps 3 through 5 to create additional keyframes as necessary. Depending on where you added keyframes in step 1, you might also need to return to the Effect Editor to add a first keyframe for any parameter you want to adjust that does not yet have any keyframes.
    
7. (Option) When you have completed all your adjustments, use the Remove Redundant Keyframes command in the Effect Editor to remove any keyframes that have no effect on the finished appearance.