Maybe. Intuitively, I think I've seen grainy prints from underexposed shots.
Fortunately, this could be easily tested. Sensitometric strips would reveal graininess. So step wedge exposures will "cover" all the exposures needed. Then develop a few strips, each to a different Contrast Index. Make a few prints.
Once the exposure and development is worked out, then it's just a matter of selecting "that" Exposure Index and Negative Density Range which meets tkamiya's new definition of quality.
Bill, my point was not about underexposed shots, but under development.