I tend to disagree that any time not spent making images is wasted time.
Hey, I didn't say it's a waste of time

Like you, I regularly make photography-related trinkets and devices. It's great fun and I agree with you the out-of-pocket expense is often less attractive than spending a few hours on a problem. But keep in mind that the vast majority of the people on this forum are enthusiastic about photography, but don't always have the same combined electronics + photography hobby that you and I appear to share. Not everyone is in it for the same set of reasons - at least that's my experience. And my guesstimate is that Steven Lee isn't looking to whip out a soldering iron and an Arduino to get his color process calibrated. My guess is that he's trying to get as far as he possibly can with readily available equipment that requires the least amount of modification.
those AMS devices, but they might actually be overkill
Nah, it's the other way around. Give it a try, you'll see what I mean. Take for instance a photodiode, which is what you'd typically use to measure light intensity with good linearity and sensitivity. If you build something around a diode to do density measurements on C41 and E6 film, you'll find that in practice, it's actually very hard to get good linearity out of a photodiode setup, especially over the substantial dynamic range you'd need. Moreover, you'll be battling all manner of noise issues. Those AMS devices carry all the solutions to those problems. They're far more straightforward to use in such a case than a raw diode and some homemade amplification and conversion circuitry. Let alone a phototransistor, which suffers from the same problems as a diode, only much worse.
There's a project that I've bookshelved for now, but that I'll pick up on later (I hope) that revolves around something very similar. In this, I've tried several approaches, mainly revolving around either AMS sensors or around discrete photodiodes. I've built dozens of circuits already around the latter. Again, I'll not go into detail because I'd derail this thread with many pages of schematics and analysis. Just to give you one example: have you ever considered what the different charge injections are of a CMOS switch, a small-signal MOSFET and an RF BJT are into the input of a suitable opamp in an integrating transimpedance amplifier, and how that influences the linearity of the analog signal across a useful light intensity range? These are the kinds of effects you'll end up juggling if you go down the path that you think is so simple. I thought that too, at some point

Trust me, if you want to try something like this, you'll learn to appreciate integrated solutions like the AMS line of sensors. They make life so simple - which you only realize once you know how complex it really is. The many circuits I've designed and tested involving diodes over the timeframe of several months never even came close to the kind of linearity that the AMS solution provided in a breadboard setup that literally takes 5 minutes to set up.
Anyway, enough said on this; let's allow the thread to go back to Steven's question and the more realistic (IMO) solutions. We'll get back to this at some point, and it'll be fun - stick around
Without it, you can probably get "in the ballpark," but its not hard to end up in a situation where your readings totally mismatch the existing (albeit mostly discontinued) products.
In know what you mean. You've not made things easy on yourself by including the requirement of matching the behavior of existing products, although it's probably difficult to avoid this for a commercial product. Having said that, for a situation like this one, a device with linear and consistent output and sufficient sensitivity over a relevant dynamic range would already be sufficient, even if it doesn't track with existing equipment in the field. As long as the measurements are repeatable on the same machine, it would already work. Have you considered launching a kind of beta-version of your unit that does this? I can imagine that this would already be useful to many, and you could always follow up with software update once you fix the puzzle, and perhaps a conversion app/worksheet that translates the measurements you can make now to future ones that track well with old equipment.