Others have explained the math quite well. Allow me to address how to learn to use "big" flashes with a light meter. First off, don't use any of the automation for the time being. Use the manual settings because won't have enough experience with the lights to know what the automatic modes are doing. Also, forget everything you know.
To use strobe efficiently you start by deciding what ISO and aperture you want to shoot with. Studio photographers generally use the camera's lowest ISO and an f/stop somewhere between f/4 and f/11 depending on what's being shot. The shutter speed should be your camera's highest sync speed so that you don't get light pollution from ambient sources.
I know that deciding on the f/stop first is completely backwards from the conventional internet wisdom, but it's the way professional photographers work and will save you many hours of frustration.
Here's a really good basic overview of how to set your lights—he's using an L358 but it applies to other Sekonics as well.
So let's say you decide you want to shoot at f/8. Bring in the main light, set it at 1/2 power and hook it up to your light meter; stand where your subject is going to be, point the light meter at the strobe and hit the flash button. You'll get a reading; adjust your light until the meter reads f/8.
Turn the main light off and then set the exposure of your fill; let's say you want it half as bright, you would use your flash meter to measure the strobe output and adjust the power till the meter reads f/5.6.
Continue metering and adjusting whatever other lights you choose, remembering to only fire one light at a time.
As a last step turn on all your lights, put your meter in the subject position and fire everything at once. You should still get a reading of f/8 but depending on how the light bounces around your shooting space you may have to go up or down on either your power or your aperture to get a solid f/8.
Voila! Perfect exposure and your sanity remains intact.