I'd have to buy a digital camera beside my P&S and micro 4/3. How much for the whole setup? What do you use?
Micro 43 is just fine (20MP). 20MP scans of 35mm are more than adequate. I use my a7iii or EM1-II depending which is handy. I've been known to use the Oly + 60/2.8 Macro handheld just to get sample exposures to work with. If you have MFT with pixel shift high res then you can do that with a tripod....
I have a Meike MF 85/2.8 that I use for this purpose with the Sony, although I do have a Canon MP-E. Almost all of the glass I use with my Sony is EF (with a Metabones adapter), as I still have EOS equipment, including an EOS-3 that I use for most 35mm film.
I do all of this with raw files, certainly not JPEG. Again, if 10-12 bits isn't enough then you can always go with bracket and HDR.
As for illumination, as long as it's uniform and high CRI, you should be fine. You can always use your illumination source to light a color checker and photograph that to see if there are any obvious issues to resolve.
Now. In regard to color ... If you have good color negatives and a flatbed, use the flatbed software, as there is no particular reason to "camera scan" if your negatives are properly exposed and the film is in good shape and the flatbed process gives you good results.
If you are like me and shooting decade+ expired film and often cross-processing it, your scanner tuned to "normal" color processing is not going to work well and if you are in the mood, you can get better controlled results with "camera scanning."
You may have to make a surprising number of adjustments to get color looking the way you want. Your scanner's software is doing that ... you'll need to also. Color balance and mono curves alone probably won't do the trick. You should consider fiddling with just about every color control you have (in Lightroom or whatever you're using). Although using color curves can get you most or all of the adjustments you need, they can be very fiddly, and using the grading wheels is simpler and also effective. You may also want to use the color band controls.
Getting a photo of a Color Checker on each roll could be very helpful although the color corrections are still likely to be tricky.
The somewhat obscure ACR profile generator has the ability to generate a profile based on a photograph of a Color Checker, but it won't really fit into this workflow and it's definitely not set up to work with inverted color. (!) However, always something to bear in mind.
Anyway, this process is IMO most helpful for truly problematic negatives, especially very dense ones. For example, you can coax a usable or at least interesting image out of color film that is so fogged you can't scan it at all. I've found old rolls of undeveloped film that had after processing had profound levels of base fog, but recognizable and valuable images. I have negatives like this where I have no other alternative, which is why I started doing this a while ago, and since then I've decided that I'm going to try to use it for most of my scanning except where the negatives are "ordinary." Even my ordinary negatives tend not to be that ordinary, as 100% of my color film photography is using 10-20+ year old film, most of it cross-processed E100, and meanwhile I also tend to create a lot of very contrasty or dense B+W negatives because of the lighting and subjects I shoot and the fact that I generally can't be bothered to use anything other than Diafine.