It depends on whether you are looking for a fix at the colour profile so that RGB to CMYK conversions are correct "out of the box", or to colour correct after the conversion to CMYK (Do you just need to fix raster data, or vector and raster and what is the source, native files or PDF etc).
Something to keep in mind is that the ratio of M to C varies on the L*a*b* lightness value of the blue. Darker blues can have a higher ratio of magenta to cyan - while lighter blues have to be more conservative with much less magenta to cyan.
Similar to gray balance, this ratio is not linear and varies with the lightness of the blue hue, which is why designers often run into trouble when they "tint" a solid four colour to say 25%, as the ratio of M to C is too hight at the lower tint %.
Stephen Marsh