Should we color correct or retouch first?

We are (once again) discussing the workflow within our studio. We are shooting Kodak (slrn, pro14n, & 760), PShop CS to retouch, Express Digital's Darkroom Pro to print to a gretag netprinter 812.

The question is - is there any benefit to color correcting the raw file first, then retouching or vice versa?

I have thought about this often. Here's my answer...

What makes you think that there's any difference at all?

I'm phrasing it that way intentionally.

Unless you have a color & tone correct image, how the heck are you going to know what needs retouching?

Also, you can and should do most of your color and tone correction in Adobe Camera Raw, which comes earlier in the workflow than any retouching.