Hi Donna,
I do not think it is a wasted practice as you are creating cards for print, not exclusively for the web.
I create in RGB and always work within the in gamut colors. I also do a check to see the color shift in CMYK.
I have found this to produce acceptable color accuracy for printing on GCU.
One time I made a test card with strips of color choosing both in gamut and out of gamut RGB colors to see how they printed. The out of gamut colors did not print true.
As for what is gamut. It is the range of colors available in a given color system, here is a description from an online dictionary.
Color gamut
The entire range of colors available on a particular device such as a monitor or printer. A monitor, which displays RGB signals, typically has a greater color gamut than a printer, which uses CMYK inks. When a color is "out of gamut," it cannot be properly converted to the target device; for example, to a different type of printer. See color management system and color space.
I do not pretend to completely understand gamut but through trial and error I came up with this method and it has worked well for me on GCU.
Hope that helps.
Pamela