If you rate a 400 speed film at 200, you're over exposing by 1 stop.
So if you meter a shadow area at say 1/250th @ f5.6, and place it in zone III by shooting 1/1000th @ f5.6, wouldn't that cancel out the one stop over exposure for the speed change, and leave you with a 1 stop under exposure for the entire negative?
If you make that kind of question then you should practice with spot metering a bit, later you may use what metering way you want, but let me suggest you shot some rolls with spot metering mode.
ISO speed is calculated in a way that spots underexposed by 3.33 (3 and a thrid) stops are recorded almost totally black, with no shadow detail. "Speed point" (the exposure at what we start recording detail) is at -3.33, remember that number. At -3.33 normalized density is 0.1D more than the density of not exposed areas, so more than base+fog density (density is a way to say opacity). Some factors may modify the real Speed, some developers loss or boost speed slightly.
Do next exercise: decide a manual exposure and then check your scene wth spot meter (of a cheap SLR), take notes about what under/over exposure results in each interesting scene spot. Then also bracket and expose a fram ar (say) +1 and aonther one at -1. If clouds were at +2 then the bracketed +1 shot will be at +3...
So you will learn how spots in the image get depicted at different under-over exposure. From then when you decide a manual exposure you can check how different spots in the scene are under/over exposed, so you'll be able to make a good prediction of the result.
Let me recommend you the book bellow, it can be found used very cheap. First part is about practical sensitometry, it contains some math, this is the basic knowledge that allows a full understanding of the process, so it's important to master it well. Second part speaks about metering ways.
You would learn to calibrate film, and you will understand what you are doing when you use a certain E.I. With this book you'll master practical sensitometry, involved math requirs you use logarithms, a bit painful for some, but this will allow you to understand the graphs in the film datasheets which can be great for those liking a technical approach. This book has been used in many antique Photo schools, if you make the effort you'll master the exposure techniques, and this will alllow you to use the best metering way for any situation.