There is no easy answer…
As has been noted, for inkjet/toner based printing, generally spots are best converted at the RIP/DFE so that they can be converted directly to the often wider gamut device profile using a LUT, bypassing common CMYK press simulation. If the RIP/DFE can handle it, then Lab based spots *should* provide the best results.
For offset press conversions to CMYK, this is not as easy to answer.
The greater the difference between the press gamut and the Lab based spot, the more potential for unsatisfactory results. The closer the spot and press gamuts are to each other, Lab based spots *should* provide the best results.
So, if the spot is really out of gamut, then you may have a more pleasing conversion using a known “custom pre-baked” CMYK value, while for spots that are closer to press gamut, then an on the fly conversion from Lab to final press CMYK may result in a better match than using the “generic” Bridge CMYK recipe.
EDIT: An out of (press CMYK) gamut colour such as Orange 021 is a great example of what can go wrong with a Lab based source and a colour conversion:
http://printplanet.com/forum/prepre...iscussion/21977-spot-color-to-cmyk-conversion
Stephen Marsh