Is it possible to open .cine files directly from CineMag?

Yes. With o/PHANTOMFUSE you get access to your CineMag® data in the same way like with any other external drive. This allows you to open the files for applying a test LUT without the need of downloading the files. You can even render proxies directly form your CineMag. This can be done, either straight from camera or via CineStation® IV. Just connect the corresponding device with your computer, select the mounted CineMag as your source directory and import the .cines into your software.