Well now...
Let's see; an 18% gray card is called "middle grey" because of how we perceive it, yes. It's in the middle of the logarithmic progression between black and white; black being 0% and white 100%.
But, the 18% value is determined by measurement. An 18% gray card reflects 18% of the light falling on it. Black velvet is about 2%, titanium white paint is about 97%. This is a measure of reflectance and has very little to do with subject brightness range, which is the range of luminances in a particular scene (which can be illuminated by light sources of varying strength.)
However, if you had a scene that was evenly illuminated by one light source, and you got the blackest black thing your could find and the whitest white thing, you will never get a reflectance of more than 100%. Even the brightest white absorbs or scatters away a small percentage of light. So, "152% reflectance" just doesn't work.
So, in the classic Zone System, the progression of reflectances would be approximately: Zone I = 1.125%, II = 2.25% III = 4.5%, IV = 9% V = 18% (our grey card and perceived middle value), VI = 36%, VII 72% and... (wait for it...) 97% would fall about in Zone VII 1/2. This might be a case for expanded development if you wanted that 97% reflectance to be rendered whiter than Zone VII 1/2. Simply put, an evenly lit scene doesn't contain all the Zones.
However, put your black in a weakly illuminated shadow, and your white in direct sunlight, and yes indeed, you can get a reading that is "152%" more than another; even more, in fact. We measure amounts of light reflected from the scene with our spot meters, not "reflectance." Given that lighting ratios can be very great, it is possible to have SBRs of 12 or more stops. And, yes, in these cases, the high values are way more than 100% brighter than the lower ones.
Fortunately, we have development controls to allow us to tailor our negatives to print with the desired range of tones on our photo paper (which, when evenly illuminated, is less than 100% from black to white).
As for meters and K factors and the like. Yes meters are often made to give an exposure reading for a value different than 18% grey. This is why we Zone System users do personal film-speed tests and development tests. That said, the only important thing is getting enough information on the negative in the desired relationship (contrast). For LF users, minimum exposure is not a goal, and a bit of a safety factor is usually built into the system.
Rob's method of placing the highlights is a more extreme example of this: He isn't worried about overexposure and takes care of the contrast at the printing stage, so it makes sense to measure SBR and just place a highlight, even if the shadows get "overexposed." I've advocated something similar for roll-film users for years: use the in-camera meter for average and low-contrast scenes, but overexpose a stop or two for high-contrast scenes. This latter gives a bit of overexposure, which needs to be taken care of when printing, but ensures that the shadows don't go black.
The whole "expose for the shadows" method was to ensure adequate information in the low-density areas of the negative. "Develop for the highlights" was to control overall negative contrast range so that printing was not impossible. These are still good advice, no matter how we achieve it.
Best,
Doremus