I look for locations and/or light. If the location is not getting good light, I try to figure out when it will. Equally a so so location in great light becomes the priority as the likelihood of it being repeated is slim. If light is bad, I often take a record shot, jut to have a look at, so I can think about if and when to return.
One I have a scene, I figure out what I want it to look like and then look for the vantage spot. I tend to be able to guestimate what kinda lens I'll be needing most times. I too find sometimes it takes 2 mins and other 30 mins and I still cannot get a harmonious composition. Just depends. Normally it takes only a few minutes.
On the subject of chasing light.......once I got into LF, I got better at reading the weather and spend more time looking up than out at the scene itself! (I also know my hunting grounds far better and how they will appear in at different times). I dont often chase the light, preferring to figure out if the scene I want is going to get it. If there is a fair chance (cannot ever be sure in the UK!!!!!!) I wait. I often prefer changeable weather and waiting often results in great transient surprises. I get more great shots by slowing down (I should say being slowed down by the kit) and waiting, having very carefully considered what I am doing, than I did with more nimble kit chasing it (you rarely win in the UK!). Sometimes when I just miss something and it does not return I curse and I wish I had Mamiya 7.......but then I think of those I got when I resisted the urge to pack up and run after the light! My conversion rate is now much better and I end up with a much better 'feel' for the subject. After all If you wait for 30mins, what else have you to do apart from look about, explore other angles (without camera as that is already set up).....take in the smells, sing silly songs to myself, have 38 cups of tea, wonder why I am so obsessed with photography.......
I am a waiter, not a chaser.........Ole, your 5x7 point and shoot sounds interesting? Not your technica then?