“Correct me if I’m wrong, but it sounds like no matter what, I’m going to lose my “raw” image – but maybe it doesn’t matter? If I crunch all the info such that there is no clipping and use EXR or DPX will I have the same latitude as I would with DNG but just lacking the camera RAW feautres? I suppose I’m asking if I would be losing any information this way?”
Yes. By definition, once you change the sensor data in the raw image, you no longer have a raw image. It’s OK.
You need to think about the post workflow in a kind of “develop/print” methodology. Develop the raw image to a file like exr or dpx that has enough bit depth to hold all the information, and develop the image so that you preserve all the information you want in a way that lets you do the grade that you want down the road. The final grade is the “print” part of the workflow. This, in a nutshell, is Light Iron’s theory of workflows, and it works really well.