It is enough to use a visualization. If you have a dynamic shading system setup and wish to see it in the HDR image, you should un-tick the hide dynamic shading box. If you do not have a shading system setup, it doesn't matter.
The view type, perspective or 180 degree fisheye, depends on your purpose. If you want to do glare analysis, use the 180 degree fisheye. Otherwise in most cases a normal perspective image is fine.
Apologies for the late reply. Once you have the HDR image, the options in wxFalsecolor as simple post-processing of the absolute luminance values.
One important thing is that you should NOT save the image as a HDR after running any of these options, as that will invalidate the original luminance information.