Are you talking about input or output IRE? Log or 709? 2020? What Camera? Sony has a 33% grey whereas most others are around 18-22%. Every camera is different and opinions vary on this subject.
IMO if you expose your skintones (fair, white skin) for 709 they will generally look bright and overexposed (if viewed on an LCD, LED, or other display that is beaming light at you from powered diodes) if at 70% IRE and generally speaking for beauty, commercial and other advertising formats, this is what is expected of your white skintones. (This is why, in my opinion, when viewing cinematography as an artform, it must be done in a projection house, as your eyes will be more comfortable, and you will see the work as intended.) As for darker skintones, you can expect to deal with a lot more reflected light than with white skin, which is generally not too reflective unless coated with oil or sweat. This brings into question what type of color are you looking for when talking about skintone, and generally varies from application to application. With darker skin, more care needs to be taken to stray light hitting your actors skin, and tungsten lamps are generally employed here to gain a fuller spectrum of true light. If you use low cost LEDs from China, the chances they will have a lot of green in them is very high, and even if the luminance of the skin is at 70%, this will still not be a true "skintone" as it will be reflecting a lot more green light back at the camera, which actually has twice as many green pixels as red or blue, so you will get a lot of green contamination in the skin you were not aware was present on the day.
As David says, in dramatic fiction, professional cinematographers tend not to worry as much about "technical skintones" and worry more about the general mood of the scene, which often times helps the audience to understand the reality of the situation they are looking at. This is where a good understanding of how to control your contrast ratio effectively and efficiently is a great skill to have.
If you are shooting a comedy, you might want to push those skintones a bit higher and keep them there in a lot of scenarios with more front light to make sure you get the expression and the comedy of the action well lit, but in dramatic narrative, you have more of a responsibility to the audiences suspension of disbelief. You have to trick the viewer into thinking this is how the scene looks to the naked eye, not some camera tech that I employed to make sure you as the audience know I know what I'm doing with a camera and the latest tech.
When lighting for skin, I generally look for who my character is rather than adhering to a technical set of guidelines and work with direction and contrast more than worrying about what is at 70%. This will help you create dynamic lighting scenarios and allow your actor to move in the space freely, creating more and more suspension of disbelief, and your audience will appreciate that because the performances will be better.
Another great way to do this on a low budget is to shoot a safe negative at all times. Only light your scene for 7-9 stops of range as 709 is only 5-6 stops of output. This will allow you a lot of room to move around in the grade and help reduce your noise because you are keeping the signal within the middle of the signal to noise ratio.
Keep doin what you love!