> extremely low contrast content and text on the same screen, next to another, and want both to look fine.
With that scenario, you're dealing with physiological limitations, because if you have a bright region next to a dark night region, your eyes cannot perceive detail in the dark region. You'll also be vulnerable to the optical illusion effects of perception (e.g., see http://www.cns.nyu.edu/~david/courses/perception/lecturenote... and other examples in http://www.cns.nyu.edu/~david/courses/perception/lecturenote...), so "look fine" is going to be rather hard to define, much less guarantee.
But this discussion was really about interfaces, potential interest in monochromatic interfaces, and the issues of low-contrast interfaces.
This article from the Nielsen/Norman group clearly describes the usability problems with the currently trendy low-contrast interfaces. https://www.nngroup.com/articles/low-contrast/