Surely there must be trade-offs to this approach; would an engineer say that would lower the signal-to-noise ratio? I'd like to learn conceptually what they are so I can study and identify them in my work. For example using grade 3 vs +1 film mean less grain at the cost of ... what, acutance?
Sorry for calling you Shirley.
I'm going to say this hesitantly, and hopefully without offending you.
Your comment reveals an important misunderstanding about how this stuff works.
The film plus paper system is just that - a system. None of the various parts have a strictly linear response, but for each part the shape of that response (the "curve") is somewhat malleable.
The goal of the Zone System is essentially to create a response curve in the negative that matches/complements the response curve of the paper. The Zone System was developed when papers had fixed contrast responses (curves). So a user first picked a favourite paper and favourite (usually intermediate) grade. Then that user performed Zone System tests in order to calibrate their process to that paper.
All of that changes considerably when the fixed target - the fixed grade paper - is replaced with a changeable target - variable grade paper.
In that circumstance, it may very well be more desirable to to use the controls available with the paper rather than the controls available from modifying film development, because:
1) that approach is much better suited to roll films, where the character of the light may vary greatly from shot to shot; and
2) there is a real argument for leaving the most important controls to the very last step of the process, where corrections are most easily applied.
If you use the Zone System with variable contrast paper, your goal tends to become obtaining negatives that easily permit the best use of the flexibility of variable contrast paper, rather than negatives that print easily at a particular contrast filtration.
When it comes to evaluating print appearance, factors like grain and acutance will be essentially the same for most moderate combinations of negative contrast manipulation (through exposure and development controls) and moderate print contrast manipulation (through variable filtration controls).