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To put in whole fractions I am just thinking it would be simple to use IF and specify 1/3, 1/2 or 2/3 as the result based on whichever of those falls closest to your decimal number. So halfway to 1/3 would go down to the full stop, then halfway between 1/3 and 1/2 display 1/3, then halfway between 1/2 and 2/3 display 1/2, then halfway between 2/3 and 1 display 2/3 and finally above that would display 1. If you need more precision than 1/3 stops then the VLOOKUP is better.
As you could have more than a full stop difference then I would first pull out however many full stops difference and then add that back with the fraction using Concatenate to read out something like: 2 and 2/3 Stops less light.
If I wanted to break it down like I imagine it to be, that would be a LOT of IF/THTEN statements. I'll just roll right into VLOOKUP and call it a day.