I'm not really sure either what the OP means by "baseline exposure" but if the goal is to use the Colorchecker's middle gray patch to do an Exposure slider adjustment during raw conversion to bring the 18% gray patch to the expected lightness level for middle gray, then the convention for a scaling based on 8-bit sRGB values is 119,119,119. In the OP's screenshot above the values are ranging from approximately 127 to 130, so the adjustment was a little too hot. If the OP wants to use the white balance selector tool percentages, I believe that would be closer to 47% than 50%. Not being a regular LR user though, I can't say that I have any real experience using the white balance selector tool and I can't comment on any "gotcha's" or issues to consider when using it (e.g how it interacts with the soft proofing or other settings in LR).
Without a complete understanding of what the OP is trying to accomplish here, it's hard to say whether following a rule like setting the output lightness of the image in LR to 50% or 47% in the white balance tool or something else is really advisable. I would always consider it, at best, as a starting point for additional adjustments on a case-by-case, image-by-image basis since lighting conditions, image subjects, viewing conditions, etc. vary so much.
Hi thanks for the sprited discussion and I have zero knowledge in this space so my terminology is probably problematic!
'baseline exposure' being the exposure that say, the same result that a lightmeter would suggest to get the 'correct' exposure. i.e. not under exposed, not over exposed.
and yes, my idea that I wanted feedback on was : 'to bring the '18% gray patch to the expected lightness level of middle gray' via the exposure slider. From following along, the suggestion the %'s should be probably 47% based on the 8-bit sRGB values. This 'look's about right on my (recently calibrated) monitor, and yes 50% looked slightly over exposed/bright, which I assume is the same as 'hot'.
My broad question really is - with RAW file with the color checker in it, and LR Classic, can I determine the 'correct exposure' to begin my post processing?
This is important as I need to show colors correctly of an e-com site.