I have access to a JVC gy-dv300u will this work for the time being as the 2nd camera (on a tripod) with the Xl2. I am hoping the footage will match, I dont want to spend additional time having to do color corection, is this possible? Or do I need to go with a used canon model (Gl2, Xl1)? If so which would be the best and cheapest to purchase. I cant afford, nor do I feel I should have to get another Xl2 for the cut away shots.

are you shooting 16:9 and/or 24p on the xl2?
will you be shooting low light?

I doubt the footage will match exactly. The normal way to correct something like that is in post, unfortunately. Even identical camera models can produce slightly different looking images. That was the whole idea of the XL2's extensive "electronical cinematography" menus, to allow two XL2 to be pretty much identical. You could use two identically calibrated monitors and try to match the images as you set up your shot, but really post-production is going to be the place to correct your images.