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"Gamma" refers to a nonlinearity factor which is applied to video because CRTs, both camera tubes and kinescope tubes, have a nonlinear light vs. current relationship. Basically every video system in the world, analog or digital, is set up to handle signals with a gamma of approximately 1.5, and unless you had catastrophic display-calibration problems there would be no reason to mess with this setting.
"Luma delay" is just what it says, a time delay applied to the "Y" or brightness video channel. Its purpose is to allow you, if necessary, to compensate for the fact that some displays [chiefly through a composite connection] will delay the colour signal, so that the colour in the image is shifted slightly to the right which can be annoying. Again, there is normally no reason to mess with this. Probably the default value is "0".
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