I'm new also and have been searching, reading and learning this last month.
I haven't read that there's one perferred method, I think it depends on each photograph and its problems.
In addition to the methods you mentioned:
Create a new layer - overlay blending mode.
Use a low opacity brush.
Paint in white on selective areas to lighten.
Paint in black to darken.
Adjust layer opacity if needed.
As for selecting luminosity - Ctrl Alt ~
Ctrl J will paste it on a new layer.
Make that layer overlay and adjust opacity as necessary.
I'm sure there are many more ways... I'm still searching
Regards