You don't want to edit the photos, in general, to a specific print target or light booth or this or that since in the future the booth may change, someone else may view it somewhere else, etc.
the main purpose of a viewing booth is to create a kind of reliable standard to eye up prints without metameric errors and under consistent color temperature and brightness. When you are tweaking your images to look good under these conditions... they still will look good under different conditions. Why? When the conditions are changing you will adopt to the different conditions. The paper of prints will still look "white" under tungsten lights (as long as my eyes are adopted to the tungsten light). The same goes for the brightness and the contrast range. So even if there will be a new standard in the future the current prints will still look "correct" (whithin limitations...).
As to "someone else may view it somewhere else" ... this is a general issue with color management. Working under controlled conditions helps a lot to reduce unwanted surprises.
When you are working under changing conditions you will never get consistent results. Prints will look too "warm" or too "cold" or too "greenish" or whatever. They will look too "bright" or too "dark" (mostly to dark… which is BTW often also
related to too high monitor contrast).
You want to first edit the photos in the most general way possible ...
without using artificially low contrast ratios or raised black levels combined with relative profiles
what is a contrast ratio that is not "artificially low"? The contrast of a good old CRT? Or rather that of a cheap consumer monitor with a TN panel?
If anything most TFT monitors produce an "artificially" high contrast and you better go for a monitor that is appropriate for editing photos. Or simply adjust it to values that are useful for print related image editing.
rel.col. vs. abs.col. - it's not clear to me what you are referring to exactly. The direct view of an image (i.e. without softproof) is always displayed rel.col. on a monitor.
Or to put in other words: on the monitor rel.col. and abs.col. are the same.
First with softproofing the RIs come into play. But this is a separate (long) topic as abs.col. softproofing with "paper simulation" literally never works out of the box.
otherwise all your editing may look like junk if you or someone else views your photos in a different way in the future
assumed you are working with a propper color managed workflow this is simply not true.