Yeah, I like using the lightness mask in ACDNR and is similar to results i used to get with an inverted object mask in Photoshop. There is a lot of control over the contrast in the mask, then HT can be used to clean it up.
I have also used the procedure Jason refers to and it works well, but I have recently been using CloneStamp instead of the PixelMath approach. Using the settings in RangeSelection can get you most of the way there, then the CloneStamp can clean up any residual.
I often, right after LRGBCombination, make a strong luminance mask and then use CloneStamp to make a mask of the object only, and a second with everything but the object. The first can be inverted or not, to protect object, or not. For the second mask, I have a good star mask that can be put to use.
I know I am bordering on heresy here, but I will say I still find the level of control over masks to be superior in Photoshop, especially feathering edges and such. Now, I am completely converted to PI (put the bonfire out!) and am getting better at mask control and particularly edges in PI but I still find it easier and more intuitive in PS. Trial and error with the RangeSelection tool can produce interesting results.
My current approach to NR is to use MMT over the whole image in the linear state (a very, very light touch of MMT) and then use ACDNR and its lightness mask in the non-linear state close to the end of the workflow. I find this gets good smoothing, without it looking like it was smoothed.
Each image is different and I enjoy the dance between NR and sharpening the data. Sometimes it takes me three or four runs through PI before I am happy with it, but mamma, that's where the fun is!
BTW, I do all subs 1x1 and only do a syn lum if i run out of time.....works for me!