Yes much of the reading can drive you insane, and trying to breakdown every line of the MUTCD will drive you crazzy. In the sign making process you wouldn't put Red HIP reflective on a White HIP background to make a sign.
Part of my job is to help shopping centers that have large vehicular wayfinding to maintain the MUTCD standards because of liability issues, i have also design quite a few city wayfinding and street name sign programs so I sometimes have to make reports, show them specs, make material boards and talk to other consultants... makes my head numb... don't get me started on ADA
On the HIP, you wouldn't because it would be a waste of money because the Translucent EC film is cheaper than double layering HIP. If it maintained the contrast standard, it would technically be "compliant" but a waste of money.
The reason I ask what type of sign is...
Having been on sign forums for over 12 years, a generalized statement of parking lot signs means squat. What if they making a sign that is designey (not off the shelf)... say the legal notice at the entries with some accessible or ISA on it, or accessible parking signs, then they would need some blue on the ISA at the very least, or a Fire code, they may require red... so the question is a little vague.