I would suggest that this is possible without densitometry. Firstly, please remember that we are not finding a "correct" film speed. We are establishing a figure that relates to our own practice, materials, habits and equipment.
Everyone's set-up is different and each of us will have a different idea of what constitutes a fine print. We could write a long list of potential variables. The personal EI is a way of summing up all these variables. I think we already understand this.
The usual procedure is to establish what exposure will give you a Zone One density on the print. The actual density of the negative is largely irrelevant; it's what your system will print as Zone One that counts.
So, expose the usual Zone series of negs, metered to give a Zone One exposure, at box speed, box speed plus one, two, three., four... stops and develop them in a normal way, following the instructions on the bottle. (We can only deal with development when we have established a personal EI.) It makes sense to include a number or letter in each frame and although a blank surface is usually suggested, a slightly textured surface may yield more information later on.
When you have the negs, scan each one, all at the same settings, including a portion of exposed surface and the unexposed rebate. You might cut off a the part with the identifying number and scan them together in one scan to eliminate scanner variables.
Now make prints of each scan or the composite scan. Use the paper that you normally use for your finest prints. The rebates should all print the maximum black that your printer can manage, but no more. That is, it should be as black as the clear space on the scanner bed where there is no negative at all. You will still be able to see the cut edge of the neg.
One (or more) of them should show no difference in the print between rebate and exposed film but the next one in the series will show a small difference between the maximum printer black and a very dark grey. If you used a textured surface for the test, the next one should show a trace of texture in the exposed part and this will show that you have established where Zone Two lies. This assumes you have tested at one-stop intervals, of course. You prefer to choose a smaller interval.
Now, you have established a personal setting for your exposure meter that will give you reliable detail in the shadows.
I think you can see that you could do a development test in much the same way, always remembering that you are looking for what happens on the print, and not on the negative. The negative is the net in which you capture the butterfly, not the butterfly itself.
Of course, if you change your camera, or film, or paper, or your printer, and you're a picky sort of person, you might have to do it all again.