Hmm, that's odd... I think I saw a shorter version of 2F/2F's response last night, and thus my reply doesn't address all that he said. It must've been edited(??)
At any rate, won't the density range of a slide be significantly shorter than the brightness range of a real-world scene? It seems that the b&w film should have no trouble getting all the information from the slide... but what do I know?
nworth, now when you say "back off 4 or 5 stops", do you mean decrease exposure from the incident reading? Now I'm even more confused, because let's assume I'm doing this under a step wedge, at the metered reading I'm theoreticaly giving the clearest portion of the wedge a medium grey exposure, and thus the darker densities of the step wedge will only get whiter, whiter, whiter... so where is my black?
I think I need to increase exposure from the incident reading to place the medium grey exposure somewhere that corresponds with the middle of the wedge/transparency. This was my reasoning behind figuring out the opacity of an average slide. Sure, the highlight portions of a slide are quite transparent, but a straight incident reading will put the highlights on middle grey, and where does that leave my shadows?
Density in my negative is not a problem, it's the lack of information from underexposure that will be detrimental.
I appreciate the advice so far, but have we thought this through all the way??