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Lois: I hit the pavement Started investigating?
about Lana's story on Lex but all l found was a pizza place...Nothing significant?
...and without the hard drive, there wasn't much of a piece.

Grant: So l was right. Say l was right.

Lois: You were dipping your toes
in the correct vicinity.
You were close to the truth?
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MadhulkI hit the pavement Started investigating?

Yes.
Madhulkall l found was a pizza place...Nothing significant?
Yes, I think so (I'm assuming that the pizza place does not have any particular significance in the storyline). I think she's making a play on her earlier use of "hit the pavement" -- she went out onto the streets but only found a pizza place, which is a pretty uninteresting thing to find there.
MadhulkYou were dipping your toes
in the correct vicinity.
You were close to the truth?
Yes, could be, but it also could be a roundabout way of saying "yes, you were right", either for humorous effect or because she didn't want to flat out admit this.
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Thanks, Mr Wordy!