1. Yes*.
2. If its way off, the software should pop a warning you are over exposed.
3. You just leave everything alone and let LR’s Export module for Passport do the work (or you can use the standalone software which is necessary to build dual illuminant profiles anyway*)
* I suspect but don’t know for sure that the export module in LR kind of ignores all the presets anyway, it just sucks up the DNG like the standalone and builds the profile. We’d need someone from X-Rite or better, Eric of Adobe to conform this.
Any clipping of color channels in the exposure could easily affect color balance. I would not advise use of recovery, since it is nonlinear. A small amount of positive exposure in ACR might be permissible, but there are reports of
hue twists with the exposure control and this could affect color balance. Negative exposure can not accurately correct for clipping in the color channels, but small amounts of positive exposure should be permissible if the exposure control is linear.
I would be interested in the opinions of Eric Chan, Thomas Knoll, and Jeff Schewe regarding this matter. In my work with Imatest Color check, exposure is important since delta E (the standard measure of color accuracy) involves differences in luminance, chroma, and hue. Increases in chroma are often desirable as evidenced by the success of Fuji Velvia back in the film days, but changes in hue are less welcome. Slight changes in luminosity are not that perceptually evident.
Regards,
Bill