The C weighting listens to
more (bass) of the spectrum hence it takes in the low end of the music much more. With the band limited pink noise however the C weighting is not so important but I would still use it on that setting none the less. As you say
Tim it is just leaving out the bottom end to not involve the low end of your room. The gain however of the band limited pink noise is adjusted to compensate.
Tim I work at K-14 a lot and K-20 at times. (for very high quality projects) It makes no difference. The only difference is at K-20 everything is just 6 dB lower down right throughout your project that is all, hence more headroom. The VU meters need to be recalibrated for K-20 though, hence they still show the same readings eg everything around 0 dB VU.
And of course the SPL level in the room also drops by 6 dB so you have to turn
up your monitoring level by 6 dB so you back to 85 dB SPL etc..
The only thing is you end up with a mix that is sitting around -20 dB FS instaed of -14 dB FS. But you have got 20 dB of headroom for transients and things hence it will sound a tad nicer. But in mastering though you have got further up to go to get the track loud. eg if you want to end up with a loud punchy master around say -10 db FS then from K-14 you only have to add 4 dB of rms gain. But at K-20 you have to add 10 dB of rms gain. So there is just a little more work to do that is all.
Another reason why I like K-14 a lot too is my Yamaha digital mixer is calibrated for K-14 too. ie I get +4 dBu at the output exactly when the I am at K -14. Meaning the output of my digital mixer can produce a whopping +18 dBu at 0 dBFS. Something that many average audio interface cannot even approach. There is a big hefty power supply inside the digital mixer which has no problems producing very high output levels with no distortion or clipping in sight.