"The highlights are too bright because you have got your exposure wrong. That can be adjusted either by lowering the strobe output or by actually metering correctly."
I don't agree - changing exposure will make the shadows even deeper. If you're holding highlight detail, you're in the ballpark exposure wise - maybe a tad hot but nothing major.
Ahem, metering correctly or turning down the strobes will make the darkside darker but you seem to have forgotten that the added reflector will push them back up. That's what its for and its controllable.
@lc-racer: okay I think I can understand that. How does one generally control the tonal range though? Is that done by controlling the exposure settings, main light power and fill light?
Reversal films have a narrower tonal range, when projected or viewed. Control of lighting, if possible, controls contrast. If printing, masks can be made. Contemporary B&W negative materials can capture a phenomenal tonal range. Just about any scene that does not contain light sources. Assuming adequate exposure to the film, the shadow and highlight detail can be controlled during the film development and printing process.