Thanks!
Here's a very clear and useful article on the different options:
http://www.cambridgeincolour.com/tutorials/macro-extension-tubes-closeup.htm, as well as some formulas.
I don't much like the idea of putting an expensive lens on a reversing ring, to be honest ... and also because it's more likely to accumulate dust which will then probably end up on my sensor.
Having said that, it looks like the pupilary magnification on the Loxia 21mm is about 2, so reversing it should give a good magnification (assuming it works at all). But the formulae are too complicated for me to figure out, seemingly requiring a calculation of where the pupil is (not so hard based on ratio of pupil entrance to exit diameter and focal length) ... etc (it's the etc that has me stumped at this stage because I can't find a good formula with a clear explanation).
An extension tube on my 55mm lens (with image cropping) may be a better option for my kind of macro photography (wild flowers). I calculate that the lens has a magnification factor of 0.07 (based on the 36mm sensor seeing 240mm at closest focusing distance). According to CIC, adding a 26mm extension will give an added magnification of 26/55 = 0.47, so the effective magnification will be 0.47+.07, or around 0.5. A 50% crop on a 42MPx sensor is just about OK, giving about 10MPx, for a total magnification of about 1. Assuming, that is, that I have more or less understood the maths and got the calculations right.
There will be a hit on the aperture though. My understanding is that I can estimate the hit as follows:
attenuation = [(extension + focal length)/focal length] squared
exposure hit = log(attenuation)/log(2)
So attenuation = [26+55)/55]**2 = 2.17
exposure hit = log(2.17)/log(2) = 1.1
Which means that the maximum exposure will go from 1.8 to 2.8 or thereabouts.
On the plus side the lens + extension will only be about 80mm in length compared to my Canon 100mm lens + adaptor which is about 150mm ... and the lens and extension can be carried separately.
On the minus side ... severe cropping, nuisance of fitting the extension, possible loss of image quality, loss of an excellent 100m lens with infinity focus. A lot of minuses!!
Robert