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Richard,
Once you understand the Munsell notations it's very easy to identify the hue value and chroma of any color. I don't use the exact value designation of Munsell which is based on a theoretical black and white as the extreme points on the scale. My scale is also made up of eleven steps. My extremes are black and white paint with nine intermediate values. White is designated as value 10 and black is value 0. According to the Munsell notations Black paint is value 1.5 and white paint is 9.5 because Munsell is used to identify colors that go beyond the range of artist colors.
I mix my grays from white, ivory black and raw umber, varying the admixtures to adjust the value, as well as the coolness (too much black) or warmness (too much umber).
If I wanted to neutralize a yellow ochre I'd add neutral gray value 6. When I gray down a color I don't want to alter the value of that color. Using just black and white to make the grays will shift the hue of the color you are neutralizing towards blue.
Hope this helps.
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