IMHO Spot meter would be the best. You can set exposure very precisely. In other cameras would use False color. But on the tiny low res LCD of EOS M or Canon 5D Mark III with ML spot meter function would be my friend when trying to set correct exposure on human faces.
In my experience ML RAW is like Canon RAW photos. It has more latitude toward underexposure than overexposure. Which means you can miss and recover more stops when underexposed than when overexposed. That's why I never use ETTR method with ML RAW. ETTR is mainly for log profiles on modern cameras where you need to overexpose at least 1 stop even 2 in order to get rid of the noise.
Lack of monitoring in more interesting and high image quality modes as crop is the reason why I rarely use 5D Mark III and EOS M with ML nowadays. It's a major pain in the a.. . In 1080p can use external monitor which is much more comfortable for setting exposure and focus and even more importantly - framing. Every cheap Chinese monitor has False color and wave form as tools. False color is by far my favorite one, perfect for exposure of people and skin tones. I never missed correct exposure with False Color. Never, not even once. But again in ML land external monitors work only in normal 1080p mode. And are not usable or even work with higher image quality modes as crop and anamorphic.
Thanks a lot for your great explanation and tips, Stef7.
When using ML spot meter for human skin tones, what choice do you recommend, like raw ev, percent, 0-255, etc?
ML also has false color like Marshall and SmallHD etc. ML also has waveform and vectoscope. You prefer external monitor's similar functions, is it because ML ones are too small or not accurate enough?
In terms of ETTR, I agree with you that 5D3 is actually good for underexposure but not so great for highlight. From my experience, if I do manual ETTR in a street scene with complicated lighting and fast pacing, I tend to overexpose some area. When I use ML's auto ETTR module in such a situation, it works much more accurately than my manual mode, i.e., much less possible to overexpose. As you mentioned, ETTR helps a lot with the shadow noise. I can see noticeable improvement in the shadow area.
From your experience, it seems that ETTR is not that important when taking human subject related shots, like portrait, event, etc? From my experience, I rarely think about using ETTR in event shooting, because there is no time, otherwise, I may lose the decisive moment. If using an ML camera, I may put the auto ETTR always on, then maybe it is practical to use ETTR for event shooting. Otherwise, manual ETTR in event shooting is very difficult to implement.