Back to the original question:
Under certain circumstances, it does make sense to work as you suggested. If you use only a couple of papers & have consistently-made profiles, you can make proof prints & workprints by soft-proofing & printing with one paper/profile, & saving that file; & then later make only small adjustments when soft proofing & printing with the appropriate profile for fine-art paper. You don't have to check back to an original or "Ur" version. Only if you use a bunch of papers &/or need to soft-proof for a variety of media - papers, web, press, etc. - do you really need to check back as Jeff advises.
In my case, I soft-proof to make workprints on inexpensive EEM paper & save that version of the image as the starting-point for later final prints. I do about 90% of my PS work & check it out with the cheaper paper. When changing to $6-8 sheets of fine-art paper (HPR or occasionally Innova UltraSmooth Glossy 285), I start with the EEM image & then soft-proof, readjust, & print with the appropriate profile for HPR (or IUSG). If I'm lucky, I get from the EEM version to a satisfactory fine-print version in 2 tries.
Switching from the EEM/workprint to the HPR/final paper & profile, you need only tinker with the small adjustments that account for differences between these 2 papers: room for a little more saturation, because HPR can yield slightly bolder & more 'painterly' tones than EEM; & a small curves adjustment because HPR can yield a slightly richer black & a little more shadow gradation.
Kirk
www.dryreading.com/kirkthompson