problem is, and juan has tried to explain this to me before, L* is not luminance. it's Lightness, which is really a psychovisual thing.
i think at the very least if you want to do this you should set the RGB weights in the original image to 1:1:1 before extracting L*.
i am still not clear on how, if it's even possible, to make the most correct Luminance data from an RGB image. perhaps it's just the sum of the 3 channels. of course, really recovering the L is impossible (i think) because of the gaps between the R/G/B filters. though on a DSLR there is significant overlap between the filters.