Use the Premiere Pro settings now. They’ll process YUV and high bit depth when possible (some of the older filters force it to 8-bit (but who uses those anyway?) — the filters written expressly for Premiere Pro like the color correctors won’t degrade the image. (Note that your source is 8-bit, BTW.)Also, you’ll get realtime performance, dynamic link support and so on. At this point there’s no advantage to Raylight or anything else.
If you’re really hell-bent on processing uncompressed, simply go into the Video Rendering panel of the Project Settings and set the codec to QuickTime (Mac) and choose your codec, or choose an uncompressed codec on Windows.
Oh yeah — There’s a setting in the Render Panel of the project settings called “Use Maximum Bit Depth”. If you check that, and everything in the “signal path” supports it, it will do its processing in 32 bits, or at least the highest bit depth available given what’s in the timeline. It’s a bit slower and will hamper realtime previewing, but you wouldn’t get that anyway if you change the render codec.
Finally, why render out to After Effects at all? Just import your Premiere Pro sequence to After Effects and you can drag the sequence in as a layer, unrendered.
–Mike Jennings