Some people use the RGB separations but I have never tried it because the CMYK color system is the color system used for printing (subtractive). In painting primary colors are Red/Blue/yellow - one may try to make Red/Blue/yellow separation, as well, because the colors used in gum printing are not different of the colors in painting (watercolors).
The negative for each color layer is a B&W negative illuminated with the same UV light. It means that it makes no sense, IMO, to think in terms of CMY as the negative of RGB. This makes sense in the case of traditional color printing where the components of each color are sensitive to their, different, color of light. The components of the gum printing layers are all sensitive to the same UV light. They are, essentially, three or four monochrome layers - CMY or CMYK and you make the negatives for each of them as you make a negative for a B&W print. No inversion of color is needed.
Think of it this way: if you want to make a print of the Cyan layer, for instance, you will separate Cyan in the image and make a B&W negative for it, not for its opposite color, because it is, essentially, a B&W print (...well, monochrome).
However, using only CMY won't give you deep blacks and that's why I'd recommend a black layer, too. An initial palladium print as a black layer would give very nice results. But you may also like the less contrasty look of the CMY layers, without black. It's a matter of personal taste.
Regards,
Dan