Hi,
I don't know what you mean with 1 1/3 stops of sensor range.
You are correct that the sky is not overexposed, the trick is to make it darker without getting a dull image.
There are a couple of problems with graduated filters.
1) The cheap ones, like Cokin reduce sharpness (at least in my experience)
2) In many cases we don't have a straight horizon
3) I couldn't use Cokin filters with any of my real wide angles because of vignetting
So what I say is that if the image is correctly exposed for highlights the same effect as with graduated filters can be achieved conveniently in Lightroom or ACR.
If the horizon is non regular the technique I described can be used, or an even simpler variant.
1) Duplicate image
2) Press alt+cmd+5 to used sky as luminosity mask
3) Click to top layer
4) Select multiply
5) Add layer mask
Probably there is some need to paint out some parts of the luminosity mask.
Best regards
Erik
From what I can see here - you are doing a sort of HDR processing. Also, in your image sky is not at all overexposed. So it's quite easy to give it extra details. However since your digital sensor's exposure range is about 1 1/3 stops you will simply not have enough detail to do anything in post processing short of resorting to proper HDR (multiple bracketed exposures and then using software to combine tones).
GND filters are the only way (at least I haven't seen any other technique) to get images exposed within sensors range. Lee, from what I know, are of a top quality and not extremely expensive.