Which operating system are you on? If on XP you can use a little program called Microsoft’s Color Control Applet. This will allow you to assign a specific profile to a specific monitor. Usually you need to have separate graphics cards in order to have independent calibrations on both monitors - but when you say your Matrox has two LUT’s, then I don’t know, that might work too. You’d have to try it to see.
You could do a search in these forums for anything with the word “applet” and you’ll get some good threads on this subject. Here is one:
[url]http://one.imports.literateforums.com/t/2-monitor-profiles-in-windows-xp/593/1]
Don’t underestimate the value of having both monitors calibrated and matching - even if one is just for tools and such. When you have another monitor in your field of vision that is off-color, it can mess up your eyes’ opinion of what “normal” is. Sometimes it’s worth the extra 20 bucks to get a second hand graphics card somewhere.