We used to do a lot of this in screen printing, both with film masking and in Photoshop, building 8-12 color prints on black tshirts.
We used to start with a few of sets of identical files side-by-side: CMYK, LAB and RGB. Find the channel that most matches the density area you want to pick out, inverting as needed.
Add that into your master file as a new channel. Adjust levels to get a close approximation of your area. Use the Quick Mask to cut out the rest as you would with RubyLith.
You should be able to preview your image by assigning it an index or preview color. This will give you a reasonable approximation of your final print.
I hope this helps. I have a friend who is a color separator that might be able to help if you need it.
Kind regards,
Bill
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