Charles,
I arrived at 5100K by measuring a few of my favorite printing papers with my spectrophotometer. This was a good compromise (most measured between about 4800K and 5300K). I confirmed the results by trying various calibrations them comparing the monitor to prints (using custom printer profiles). Anywhere near 5000K looked great, but 5100K was the best match of the bunch. I used 5000K lighting for viewing (Solux and Philips light sources).
Luminance settings were done in a similar fashion. First I compared a ppure white Photoshop document (on the monitor) to the intensity of a sheet of white printing paper displayed under my viewing light. With the monitor luminance set to the 85 cd/m2 range, the two documents look about the same brightness of white. I try to view my prints under "moderate" light levels rahter than ultra bright levels, since I know they won't be lit by spot or flood lights when placed on a wall. If you do have spots on your hung prints, there is a case to use a higher luminance level on your monitor. Anyway, on many LCDs, if you set the luminance too high, your blacks can start to look a little washed out. When set to about 85 cd, my tonal range in the print is a great match to my monitor. If I have the monitor luminance set to 100 or higher, I find that my prints look dark and muddy in comparison (unless viewed under unrealistically bright lights). So, a lot of trial and error, plus some initial brightness comparisons.
Gamma is a tougher one. I have a special viewing target that I bring up in Photoshop (Lab based to prevent any possible conversions). When viewed in Photoshop at full magnification, it helps me to set the gamma, which affects mostly the midtone density. On my LCD, I found )again by trial and error) that 2.0 gave me the best tonal distribution. My old CRT worked best at 1.8 gamma, and other LCDs sometimes work best at other gamma settings, such as 2.2.
The above settings work beautifully given my equipment, my viewing levels, ambient working conditions, etc. My monitor to print match is excellent from both a color and tonal range standpoint. Hope that helps clarify my thinking and approach.
Lou