I leave it 709, export same-as-source or QT Ref, and then when encoding for the web I set a Black Restore and White Restore in Squeeze.
You can however export as RGB. That will remap your legal 16-235 to 0-255, and that should be fine.
I don’t think your assumption of blown-out highlights is correct. If your luma range in Avid/DaVinci is between 16 and 235, an RGB export will remap that to 0-255, and nothing will be crushed or clipped.
Also see this document for some tests:
https://www.xs4all.nl/~terburg/Publications/601_709_RGB.pdf
Do note that using Quicktime (which is what Avid uses when you do anything other than Same-As-Source or QT Reference) to export to certain codecs (like ProRes and H264) will cause gamma shifts. Better to handle it in a decent external encoder.
On a sidenote: I’m no big supporter of the double remap you are using (709 to RGB then RGB to 709), as it is bound to cause rounding errors. In essence, you are doing two passes of rendered color corrections on top of each other, the second undoing the first. Not a clean workflow, in my book.
But I’m not sure if you can get your encoder to go around it.