I am happy to go in to more detail on our process soon, but just quickly, what I have decided that our studio has now opted for is our HDRI's specifically for look dev are as physically based as possible in an EV 13 world with a colour grade to macbeth reference colours in sRGB space. This means that for our look dev turntables, we do not use extra lights, all illumination comes from the HDRI only, including the sun.
Our lighters however need the flexibility for art direction, so while photoreal is the aim, if a director wants the sun at double the strength, than that's what they get! So the lighters will take the physically based look dev HDRI's, and then paint out the "light sources" and recreate them with lights for more control.
I must add to that I've been a huge fan of Terragen for a long time now, and at two studios I've successfully introduced many fully digital HDRI's to both facilities. The great thing about Terragen, is that the sun values are already close to photoreal when output at 32bit, no guess work. I've done tests where I've captured HDRI's near the equator at 12pm noon on a clear day, and it is almost a one to one match to similar Terragen setup.
So for my own personal work I generally follow the same system. My look dev HDRI's have all of the correct illumination in the image only because I don't want to cheat the physical nature of the shaders. But my lighting scenes have painted out light sources and then recreated actual lights for greater control.