Thanks for posting these Dan.
Your experience with Luminosity blending mode is a bit different than mine and I have no idea why. When I use a curves adjustment layer for dodging and burning, I find I get a change in saturation as well, so I often have to follow with a saturation adjustment layer to tone down the saturation. I normally work in ProPhoto RGB and wonder if that might be the reason.
I just did a major edit using the Lab colour space and only resorted to a saturation adjustment once, and that was to knock a bit more blue out of the sky. I exported into the Lab colour space from ACR (having done the global colour adjustments in the raw convertor). The rest of the adjustments were all done on the "L" channel as I had no need to touch either the a or b channels.
The workflow was faster than with the RGB colour space (less steps) and the two images are not identical (both the crop and the edits are a bit different). Both images were converted to sRGB before posting.
1. Edits in Lab colour space
2. Edits in ProPhoto RGB colour space