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Manipulating lists in Python is a fundamental skill that allows for effective data management within a program. A list in Python is an ordered collection of elements that can be of different types, but in the context of finding the lowest and highest values, we typically work with lists of numbers.

A list can be visualized as a row of boxes, each holding a value, and each box is labeled with an index that starts from zero. To manipulate these lists, Python provides you with a set of built-in methods that can perform various operations like adding or removing elements.

When you're tasked to find the lowest and highest values in a list, you're essentially scanning each element to maintain a record of the extremes. By 'updating' these records - which means replacing the current extreme values with new ones when a lower minimum or higher maximum is found - you can iterate through all elements and arrive at the needed outcome without changing the original list's order or content.

Here's a concise example to illustrate list manipulation for finding extremes:

• Initialize a variable with the first element of the list for tracking the minimum and maximum values.
• Loop through the list, examine each element, and update these trackers as necessary.
• The final values in these variables are the lowest and highest values in the list.

The 'for' loop is one of the most common loops in Python and is used to execute a block of code multiple times, once for each item in a collection, such as a list, tuple, or string.

In the context of finding the lowest and highest values in a list, the 'for' loop shines by allowing us to iterate over each element. Here's a breakdown of its usage:

• The loop begins with the keyword 'for', which initiates the iteration process.
• A temporary variable is declared to hold each element in the list, one at a time.
• The body of the loop, often indented, contains the code that executes during each iteration. This is where the comparison and potential updating of minimum and maximum values happen.
• The loop continues until it has gone through all items in the list.

It's this repetitive checking combined with the list's sequential nature that ensures all elements are compared, securing an accurate search for the extremes.

Moreover, 'for' loops can be enhanced with control statements like 'break' or 'continue' for more complex scenarios, but for the basic task of finding extremes, such additional controls are typically not necessary.

Comparison operators in Python are simple yet powerful tools used to compare values. They return a Boolean value: either 'True' or 'False'. In the exercise of finding the lowest and highest values in a list, the two fundamental comparison operators are '<' (less than) and '>' (greater than).

These operators are critical for updating the assumed minimum and maximum values within a 'for' loop. Here's how they play out algorithmically:

• The '<' operator checks whether the current number in the loop is less than what we recorded as 'min_value'.
• If this condition is 'True', the 'min_value' is updated to this current number, as we've found a new, lower value.
• Similarly, the '>' operator checks whether the current number in the loop is greater than the 'max_value'.
• If this returns 'True', it indicates we've encountered a new higher number and thus, 'max_value' is updated.

Without comparison operators, distinguishing between higher or lower values wouldn't be possible, making them a linchpin in simple sorting and searching operations like finding minimum and maximum values within a list.