JB, my take is that while using different papers, it becomes a sliding scale, since papers have such different values when it comes to white points. Essentially, in that regard, it becomes an "it's all relative issue", somewhat. In that regard, just letting the high point of the paper come through works well, often.
Another aspect about the highlights is that in many cases those areas are specular highlights and no matter what you try to do, they are unrecoverable.
The best comment I've read so far here, is what Guillermo said about painters choosing to paint what they see, and included these "blown" areas, just the way they let the line fade where it does in real life.
At some point, it should become (in my view) an issue of looking at the print and making a decision based on aesthetics rather than numbers or convention or whatever. Portrait artists stop looking at the subject at some point in their work and concentrate on the final image, adding their own interpretation.
As far as printing on glossy paper, and bronzing or whatever, I have a HP Z3200ps with gloss enhancer. It takes care of all those problems... (and if anyone believes that, I will sell you the Brooklyn Bridge, LOL).
-Mark