Thank you Andy!
A point that brusby and I did not discuss, is the price of the paper. For the method that brusby used, quite a lot of test strips are needed to determine the exposure time. For split grade printing test strips are only needed for finding out the exposure time of the lightest and the darkest parts of the print. This systematic approach is not possible when a lot of burning and dodging is used. Then you'll have to make several complete prints so in the end you can choose wich one you like best. The test strips used for split grade printing can be quite small.
Erik.
The point about needing a lot of test strips is just not correct in my personal experience. If that were true, it would make the method of dodging and burning I described too time consuming and too costly for professional use, when in fact, it is, or at least was when I was printing professionally in the 70's, the main method used by most commercial printers I was aware of.
I rarely had to make more than one test print. If you do printing on any type of regular basis, you'll be able to get very close to the perfect exposure your first try just from looking at the density of the negative. It's not too different from people on the street being able to judge camera exposures pretty accurately without a meter just from experience.
Now, I acknowledge this is not necessarily true if you're not very experienced at printing (nothing wrong with being inexperienced - we all started that way), but if that's the case, any printing option you choose is gonna be more time consuming and will consume more resources.
On the topic of V3 Summicron, there have been statements made about the focus being stiff and the focusing block poor. I have the opposite experience. I've got every version of the Summicron 50mm except the APO. Regarding smooth focusing and ease of use, the v3 is one of my favorites. My copy is silky smooth and among the easiest of my lenses to rotate, so I know there is nothing unique about that design which makes smooth, effortless operation impossible. Plus, I prefer lenses without a tab. That way I can better support the whole camera system with my left hand and just move 1 finger and thumb to focus. Finally it's among the smallest and lightest of the Summicrons.
Because that lens has been maligned (and I think wrongly) it is usually a good bargain these days. IMO, image quality is superb and it might be my choice if I were on a budget.
My other choice with an M4 would be a Dual Range Summicron. But it is getting a little harder to find a good, clean copy and they are pricier.
As much as I like the f2.8 Elmar, it's a little low contrast wide open. Still good for artistic stuff that way. But if you want sharp with better contrast you'd have to stop down to f4 to get roughly the same image quality as the Summicron wide open at f2. That 2 stop difference can be important in reducing camera shake, particularly with film where ISOs are generally less than modern digital. Also, you might prefer the bokeh available at f2.
p.s. I also love the Summitar, particularly coated versions - although non coated ones are great too, just a little lower in contrast than what I prefer.