The Color Correction map has a huge amount of functionality for completing some basic Adobe Photoshop colour correcting workflows within 3ds Max.
The main benefit of this is results in you thinking about texture (and inturn RAM) optimisations. When needing variations of the same bitmap, I would always recommend using the ‘color correction’ map type to lower memory footprints for rendering. It's all too common to see the same bitmap repeated with a minor colour alteration applied.
The below two images shows the map location (after Right-Clicking) and where I would suggest placing the map within the node flow inside SLATE.
Below we can also see the extensive functionality and control contained within this under-used map. This is the standard parameters found within the 'docked' compact editor. I would strongly recommend you also extend the actual nodes parameters, as you will be surprised by the mount of information this exposes additionally to what we can see below.
So the next time you need to amend a map, think whether this is the most efficient way of doing it? Be it from a workflow perspective swopping between or applications, or from a RAM overhead This is an extremely important area where we, as an industry, move into GPU accelerated rendering. For example 3ds Max's iRay implementation from mental images and Nvidia.