2.
This method only requires two pictures to take.
One normally exposed and one for example three steps overexposed.
The idea is to use the normal exposed image for the medium/bright areas (which are already essentially noise free so no frame averaging or other process required) and the overexposed for the dark areas.
I used for my test one of the pictures from the first test (two stops underesposed) plus one picture one stop overexposed. Means three stops difference in exposure between the two pictures.
The first one, like above, I added in ACR two stops exposure brightness and I lifted the shadows by 50%.
The second one, I reduced the exposure in ACR by one stop and also lifted the shadows by 50% to achieve an image of generally same exposure and appearance.
First image in lower layer of PS file, second (originally overexposed) in upper layer.
Select
blend mode: normal
opacity: 100%
blending options: blend if grey
change from 0 ... 255 to for example 0 ... 100
That means that only the dark areas of the upper layer (which are virtually noise free due to the three stops overexposed and then reduced brightness) are used from the upper layer and they are blended into the lower orginal file.
The result is similar or even a bit better (less noise) than the 8x frame averaged image from the test above.
Therefore I consider this method pretty effective and quick.
I used it long ago with 5D and 5D II files, since the advanved Sony sensor technology took over in most cameras, I forgot about it. But it's still usefull, so I think I will give it a try more often from now on (in tripod pictures without moving subjects).