http://blog.xritephoto.com/2011/07/x-rite-i1display-pro-advanced-features-contrast-ratio-with-coloratti-andrew-rodney/
I'm not a fan of setting the monitor "contrast" to match matte paper's DMax. While, with some limitations, it works with Perceptual and, with BPC enabled, Rel. Col., it fails with straight Rel. Col.
First, most all matte papers don't achieve near a DMax of 2, which corresponds to a contrast ration of 100:1 so setting the monitor to match a matte print requires a lower contrast ratio.
Take this example. A matte paper with deepest blacks at L*=17 (reflectance 2.3%) has a contrast ratio about 40, assuming a paper white of L*=96 or so. If I set my monitor's black point to 2.5 nits and white point to 100 nits using ColorNavigator, blacks and whites on the monitor look the same as blacks and whites on a print viewer with matching illuminance (around 330 lux). It also has is a good match to a print using Re. Col. with BPC.
However, if you want to show the effects of papers that don't have neutral white points and so select "show paper color" it breaks. The blacks are greatly increased in lightness in all intents ("black ink" is automatically selected). If you measure a black patch, instead of 2.5 nits you get 5 nits. In a sense, its double profiling and "show paper color" is useless. This was due to an error on my part. I had selected the wrong soft proof profile when running this test and it had a particularly bad black point effectively reducing the "contrast ratio" to 22 which made it look like Photoshop had a bug. It does, but not for this.
BTW, to get this to work at all (I'm using a 10 bit monitor CG318) I had to disable graphics acceleration or check the "desaturation colors by" and select 0% in the Color Settings. Otherwise really ugly gradient display. Strange Photoshop bug. This is a really bad bug in Photoshop that forces you to choose between 10 bit mode with bad soft proofing or 8 bit mode with proper soft proofing. It may be a Windows specific Photoshop bug.
My preference is to use the maximum possible contrast ratio and let Photoshop do its magic with view soft proof. Especially if you switch paper types a lot.
OTOH, some prefer to edit on the monitor as close an approximation to what gets printed as possible and that allows it but you lose some soft proof features since setting contrast ratio only deals with the tone curve aspect of soft proofing, not the colors that are outside the printer's gamut.