Then is it fair to conclude that prints made on graded papers - like those made by the early 'masters' of photography - are inherently inferior to those made on multigrade papers with split grade printing as it is described here?
If you want to put me on the spot then my answer is yes they would be able to make better prints with the modern papers , but also remember that the masters were able to control their workflow much better than anyone on this or other forums and had a style and look with their prints.
Sudek's prints are flat compared to Brett Weston's prints, Edward Weston's nautilus glows and is very open, Joel Peter Witkin's prints are gritty and sublime at the same time, - ( this is where the difference is in their workflow since they were using single grade papers and had to tailor their negatives much more aggressively.
I love all their work for what it is and I too use graded papers when I feel it is correct or the client wants. The OP's question is
Can a straight print match the nuances of split grade print?
I believe the answer is no, but like the chameleon printer I am will say it does not matter what paper one uses.
I happen to bridge the time gap in professional printing where in the first part of my career all we had was graded paper and the second half , papers like Ilford Warmtone came on the market. There was nothing worse than trying to print a style where the client wanted high contrast look but did not want the highlights to burn out, Wasted paper burning in areas that at the end of the day looked poor, there were those who would use hot water on highlight areas to bring them up faster, there were those who pre flashed the paper to hope for detail in highlights and yes there were those who used two developers , soft and hard to print and those who would make very complex highlight reduction masks to get a result.. I have done all of these with various degrees of success. When Ilford introduced its Ilford Warmtone paper , worldwide professional printers were given 5 boxes of paper from Ilford to print and decide which one was the best in their opinion, I picked the red box like many other and it was the current emulsion we all worked with.
I can say from that time my printing life got much simpler as we were all advised from Ilford tech reps to try split printing, I ended up with a low and high filter approach, not to be confused with the 0 and 5 group, but rather I pick a starting contrast grade based on the original scene brightness range and of course the quality of the processed negative, usually the starting filter if used would produce what I call a soft print and I make it about 15% lighter than I normally would print. Then based on the SBR and NCR I would give a hit of grade 5 , some times more or less to bring in the bottom half (shadows) .
As for my own work can tailor the negative to the grade of paper I want to print on, graded papers are fantastic, I grew up on Ilford Ilfomar, kodak ectalure and the original Picker Brilliant.
I have not doubt in my mind quality printers of the past would use split printing techniques when appropriate.