When doing digitisation for the British Cartoon Archive, we kept two masters. One, as you said, was an untouched "archival master" and included the colour chart. The second we called a "processed master" was generally at a minimum, a cropped version of the "archival master" orientation straightened, but depending on the item we may also have made digital adjustments. This is image that we would expect to resize and use for the web, print etc.
We took the decision to store the images on live media, on the SAN (I believe raided etc), which was replicated off-site and also regularly backed up as part of the University backup plans.
Best wishes
Lydia
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