When I print, I tend to use exposure to get the darks right, and contrast adjustment for the highlights. That's for normal prints where midtones and highlights are the most important parts of the photo. I sometimes do as you've described, but really, the exposure and the contrast have to work together to get mid and low just right.
As far as the slider analogy, the width of what paper can print is a subset of what the negative can hold for exposure information. Exposure changes move the print's portion of the histogram right or left. The film's portion of the histogram is the shape you see in the image above, minus the spike on the right which is probably a film carrier border or sprocket holes or perhaps it's part of the image and is blown out chrome reflections in the photo or something. Paper's range will be smaller as it's made to be less versatile or more exacting in exposure.
Contrast on a histogram is represented by a curve, not a place on levels. Film's contrast has a curve, and paper's contrast has a curve. PS level and curves are pretty much the same thing, except you can do more in the curves dialog box. In the darkroom, you move the print's portion of the histogram back and forth to take advantage of either the highlight curve or the shadow curve to favor contrast in certain tones. Split grade printing is intended to address this, but I haven't had a need yet, sort of HDR for the darkroom.
Some people use zone system processes to get negatives that are perfect to print without much trouble.
I don't. I mostly use sheet film or 120 and can shoot a roll of 120 completely of a certain scene or lighting condition. If it's high contrast scene and I want super nice highlights and nice shadows that will print well at normal contrast on paper, I make a note to develop that film in a pyro developer (I use pmk) instead of something standard like xtol/d76. A photo of a caucasian wearing black clothes on a sunny day is an example. I find I can then print for the midtones and the shadows and highlight will be tamer and respond with more "togetherness" to printing contrast adjustments. If it's a low contrast scene I'm shooting, I'll develop in xtol to get a negative of normal contrast.