It was an unusual enough request that I actually suspected you were asking for some scientific or quality-control application, hence my question. It turns out that I am currently overseeing a couple of projects analogous to this.
I'm sure you already know the following and I'm preaching to the choir, but be very careful to isolate the sample from even minute variations in the illumination. For example, ambient light can change over the time scale of minutes to hours because of small light leaks through even distant windows. There can be significant variations in both the color and intensity of light from fluorescent lamps that occur at the power mains frequency, ie, at 60 times per second, so you take two photographs in rapid succession, and if you don't do it correctly, the color and brightness will be significantly different between the two.
Personally, I would include a MacBeth color chart or some other color reference in every image you take and thereby be able to compensate for any variations in lighting you haven't planned for.
Also, you may want to consider using software designed for scientific / engineering use instead of using Photoshop, which is designed primarily for photographers, artists, designers, etc. You should consider the Image Processing Toolbox for Matlab, as well as ImageJ from NIH. I think you will find the numerical abilities of these programs vastly better than PS.
Another thought, you may want to consider using HSB or HSL coordinates instead of Lab. The first two may be easier to interpret in terms of underlying physical processes. As a simple example, say you are looking at the color of orange juice and you may be presented with samples of different concentrations, but which are otherwise identical. Using Lab coordinates, all three coordinates may vary from sample to sample, whereas with HSB, the hue will not change and it will be immediately obvious that the changes are due to unimportant concentration variations, not some process like oxidation.
Along the same lines, hue is only the ultimate simplification of the actual spectrum of the material. The latter is always the method of choice for chemical analysis. If your project has enough funds to allow you to take spectra, you will get much more information. "Taking spectra" could involve sending samples out, renting a spectrometer for the duration of the project, or even purchasing an inexpensive spectrometer. If you are mechanically inclined, one can even make up a simple filter-wheel spectrometer without too much difficulty.
The best of luck with your project.
Cheers,
Tom M