Directions included with Kodak gray cards indicate, for a frontlighted outdoor scene, to hold the card vertically, oriented halfway between the light source and the camera, and increase the metered exposure by 1/2 step. This is at best an approximation, because exposure meter calibration derives from integrated (average) scene luminance, and has nothing to do with a gray card.
I agree with Steve that it's far more important to know where the highs and lows fall; if they're under control, the midtones fall where they will, and can be adjusted in post-exposure processing if necessary. If the highs (for reversal film) or lows (for negative film) are out of bounds, the information isn't there and the image is lost.
Bookmarks