Mark--in that very tough neg you sent out in the print exchange (a dark hallway with a bright light coming through glass doors at the end), which I didn't get to print yet, if you were to meter for the shadows and place them on Zone III or IV, the highlight area would have been even more excessively dense at the development time you used. You probably would need to cut development time, give extra exposure, and perhaps adjust the development formula (as I recall it was BPF 200 in Pyrocat HD) or use stand development to keep the highlights in easily printable range.
Whether you chose to place the shadows on zone III or IV depends in part on your film and other factors, like your personal EI for that film. If the film has a short toe, you might get good separation with the shadows on Zone III. If the film has a long toe, you might place the shadows on Zone IV, or alternately, you might decide that your Zone I density should be higher than 0.1 or in other words that you are going to reduce your working EI to lift the shadows off the toe. Placing the shadows on Zone IV, establishing Zone I density higher than 0.1 (and adjusting Zone VIII density by the same amount), or reducing your working EI are three different ways of thinking about the same thing--you're giving more exposure to move the whole range of densities up the curve.