I'm sure you can be happy with C1 as I once was long time ago.
C1 and Lr are both premium RAW converters. Lr has a more extensive feature set than C1, both in pp (the plug-in architecture), DAM and printing – to name but a few. Arguably, C1 is the tool of choice for pros if for no other reason than its tethering capabilities, qualitative output and is the 'only' converter for PhaseOne backs.
Comparing the two, as RAW converters, should be dependent primarily on IQ and camera. Comparisons based on workflow are an entirely different subject.
Lr5 was released in June 2012. C1 has since gone through 2 product cycles, 7 & 8. If you want a reasonable comparison , best to wait for the soon-to-be-released Lr6. Only then will you be able to make a 'fair' comparison as to what improvements have been made in regard to demosaic-ing since the last 'major' release.
Iridient Developer is an excellent converter. Until C1 v8, the only converter for x-trans, the Merrills and a few others. It has an extensive 'supported cameras' list, including support for the Pentax 645 (both models), Leica S, Hasselblad and Phase. Integrates very well with C1 , a bit less so with Lr. Well worth the modest outlay (if for no other reason than its sharpening options).
C1 is a massively improved converter. If you aren't experienced or at the very least haven't used it, in its latest incarnation, you're not in a position to voice any kind of informed opinion on its capabilities. Incidentally, if you are indeed a PODAS instructor, what do you use on their workshops ?