Rodney,
Please clarify a point for me regarding the luminance settings. Wouldn't setting a higher luminance value make a bright monitor/dark print difference even greater?
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The profile for the display and printer should compensate here but you need to target luminance to viewing conditions of the print as well as ensuring you're not working with too dim a display compared to the ambient light around the display.
So you have one issue, older CRT displays that couldn’t reach very high luminance levels. You had to keep the ambient light very low around these units (16-25 lux for a display putting out 85-95 cd/m2). The brightest object you should be seeing is the display, not the lighting around the display.
Now we have LCD's that can produce much higher luminance values (they were designed for office environments). So now we don't have to work in dim caves. OK, what about the viewing conditions of the print? You have ideally a light box with dimmer like those from GTI. You don't have to keep the display luminance way low and you don't have to dim the box way down either but you do want to dim the box such that you get good screen to print matching.
So, there's no fixed luminance to aim for. You can be so low that you have to really compensate for the rest of the lighting in your studio, that's no longer much an issue with LCDs. Out of the box, they can usually do 200-300 cd/m2, you need sun glasses (and you'll probably not going to match that to a light booth).
You want the display to be as low as comfortable, the higher you drive em, the less they will last.
120-150 cd/m2 for an LCD should be a good sweet spot for not getting close to over driving them nor making them too bright for a good light box.