The way that I used the chart in studio and under controlled lighting was to achieve RGB densities. The density for the darkest patch would read 50R-50G-50B, 18% grey 121R-121G-121B and the white patch would read 245R-245G-245B. The camera software I used allowed me to hit these targets exactly with a combination of a eyedropper white balance tool and curves. I would shoot with those settings knowing my exposure and color was controlled.
Just because I hit those densities didn’t mean that every image was exactly “perfect” but I had all the data to work with if I wanted to enhance the image going forward. Working in the field I would shoot the chart at the beginning of a session and whenever lighting changed. Then when you start to edit images you can batch white balance for each lighting setup and apply a color correction to a entire group of images.
The Kodak gray card is a old but useful tool that goes back to the days of film. I would think more of a neutral white balance than gray for digital.
Here is a link to Jim DiVitale’s website with some in depth info on white balance. Jim is a fine Atlanta based photographer. He teaches and shoots a lot of varied subjects and really nails exposure and color down.
http://divitalephotography.blogspot.com/2009/02/theres-something-that-really-drives-me.html