Francesco,
Reciprocity failure of paper is quite extreme so you may need to make a correction for that too. Exposures up to about 15 seconds need minimal correction, but additional time is needed thereafter. I work with both lenses and pinhole and have made successful exposures that took 7 hours when the time was corrected for reciprocity. I did a set of trials a few years ago and characterised a number of papers, in particular Ilford MGIV VC. I rated the paper relative to my scanners capabilities so that if I did have trouble contact printing, I could always fall back to getting a usable scan. The colour temperature of the light will also play a role in the behaviour of variable contrast paper so you may consider repeating the experiment under different lighting conditions too.
Firstly, I always pre-flash my paper in order to help increase the dynamic range that is achievable. Primarily in 'daylight' (UK, afternoon), I rate my paper for an exposure index of EI 20 (not a true ISO value, but I consider it that way). The paper response is approximately plus/minus 2 stops of near linear response and plus/minus 2.5 stops if you can tolerate the highlights and shadows rolling off a little. The paper transition at the highlights and shadows is quite sharp.
If I add a yellow filter to the lens/pinhole, I rate the paper as EI 6 (the rating includes the filter correction factor). The paper response is now plus/minus 4 stops as only the green layer of the paper is active, but although the shadow response is quite linear, the highlights are not and there is a slow roll-off. In incandescent light (about 2500K), I rate the paper as EI 2 (no filters added) and you get about plus/minus 4.5 stops but the response is very non-linear in the highlights with a long slow roll-off.
For reciprocity, 8sec=8sec, 15sec=15 sec, 30sec=35 sec, 1min=1min 19 sec, 2min=3min 10 sec, 5min=11min45sec, 10min=35min20sec, 20min=1hour54min, 32min=4hours20min. With pinhole, I have used 2 hour exposures on a number of occasions and had ok results, the longest trial being a 7 hour exposure. The dynamic range available from the paper does reduce a little though with exposures longer than about half an hour.
EDIT: If you have a wide aperture lens and a powerful flash, reciprocity is not a worry down to 1/100 sec, however I did have issues with underexposure using 1/250 sec. I could not generate enough light to get a full characterisation at faster shutter speeds.
EDIT: All of my ratings are for development to completion in paper developer. I always seem to get uneven development with MGIV if I use diluted developer and pull the negative early. I do use graded paper and develop by inspection, but it is only blue sensitive so foliage can look a bit odd. For development by inspection of graded paper, I shoot at EI 6 (with no filters).
Best regards,
Evan