Using a spot meter to determine monitor luminance

I was sitting in the lab the other day, and came up with this thought to aid in the calibration of monitors. Could you use a photographers spot meter to determine the correct brightness setting so that the luminance of your screen matched that of your white paper in a viewing booth? To me this always seemed to be the missing step in monitor calibration the difference in brightness between the print and the monitor.

Would a white patch on a monitor reading 1/4sec @f/16 be just as bright as a white piece of paper in a booth reading 1/4sec @f/16? What sort of things would have to be considered? Viewing angle? Transmission versus reflection?

Has anyone tried this?