I think what is most important for anyone using VC paper and filtration is that:
- normal development prints well on unfiltered paper
- nominal Grade 2 filtration settings print same as unfiltered
- you have three evenly spaced grade increments above nominal G2. So G3, G4 and G5. Whether they actaully match ISO grades isn't so important, they just need to be evenly spaced which makes predicting what an increase in filtration will do much easier when actually making prints.
- All the nominal grade settings create curves which all cross at same print density.
The only way to know this is what is happening is to use a transmission step wedge (preferably 0.1 density steps or smaller) and print at each grade setting and graph them.
The results you see in the graph visually tell you a lot about how your enlarger filtration is working. This is of much more use when something is wrong. If your enlarger is working perfectly fine and contrast increments seem to work as you anticpate, then you don't really need to do the tests.
But if an increase in contrast seems to throw off the print time and you are not sure about why or how far, then it may well be worth the time and effort to do the the tests. They will tell you the speed match point as well. That speed match print density is useful for determining what print density to set print time too as that that is the print density which will vary the least when you change contrast settings.
Knowing what the actual Log Exposure Range (LER) is not so important unless you are trying to match settings against the ISO standard which is quite a broad target anyway. i.e. not a precision target. Having said that, if you have a densitometer and can chart the step wedge print results properly, then you will be able to see what the LER is as a by product of the test. i.e. the test should be about understanding your enlarger settings and what effect they have and not about finding numbers.
So in this case a certain level of detailed knowledge is useful, but only if you are having problems with your enlarger filtration settings in the first place.