Because we took data from the red channel and used it as the luminance of the image, the lightness of the reds are not correct. We can't really fix this so what we're going to do instead is simply mask out the effect from the areas that are red. This causes the effect to only visible on areas that are not red.
Now that we're done with applying the image from the red channel into the lightness channel, we can change the image mode back to RGB color (Image> Mode> RGB Color). When it asks "Changing modes can affect the appearance of layers. Flatten image before mode change?", select Don't Flatten.

Select the top layer and add a layer mask (Layer> Layer Mask> Reveal All). Click on the thumbnail of the layer mask to ensure it has been selected.

With the layer mask selected, use the Apply Image tool (Image> Apply Image) with the following properties:
Layer: Background
Channel: Red
Invert: Checked
Blending: Multiply
Opacity: 100%

If you feel that the effect is too strong, you may reduce the opacity of the top layer to adjust the strength of the polarizing effect. To increase the effect, simply duplicate the top layer (Layer> Duplicate Layer or Ctrl+J).
