Am I correct in understanding that the limiter and master targets both cover density from base film all the way to max possible density with the inkset, but do so in a different number of steps? And that that is because the limiter is intended to help find the value that blocked highlights begin with greater precision?
yes. The unique thing about PiezoDN is that during the limiting process you aren’t actually changing the last (most-dense) patch. If you think about it, the most important density to find is the density that makes a tiny bit of gray on your exposed paper. (value 254 in Photoshop lingo). This allows for PiezoDN master densities to be very dense in the last patch and then be adapted to any medium through the limiting process.
Thanks Walker! That also helped me understand the shape of the limited curve and why that sharp jump to max density exists at the end.