Hi Chris. The eponymous S curve is a good basic start to presetting curves. To have this as an action makes it easy to add to an image. But in general you are right. I now have CS4 and use this method also for my b/w conversions:
In ACR - tweak to satisfaction and desaturate. Open in CS4 and go to <image> add Auto Tone. Then, go to: <image><adjustments>< Levels> use one of the default presets 1, 2, or 3 to set the contrast. It works a treat with little or no further adjustment needed to the final image.
I am sure a similar method can be used in Elements or other CS versions. Just experiment.