Pom,
your idea sounds equivalent to selecting a bit of underexposure compensation and then fixing the overall tonal level in the digital domain. If the highlights are blown due to sensor wells filling up, lowering ISO at the same time will not help, but at the elevated ISO setting of ISO 400 and 200 that you mention, the sensor is being "underexposed" anyway, so that is probably not the problem. Instead highlights are probably lost mainly in JPEG conversion.
So is one option to use raw with say -1 compensation, and then do batch conversion with the corresponding +1 set, and maybe an appropriate constrast level or tone curve? Cases where highlights do awry would probably then need a second custom conversion.
If you need JPEGs straight from the camera for impatient new spouses, I can see a need for an appropriate in-camera mode, but maybe such modes are already there. Perhaps a low contrast setting for the in-camera JPEG conversion, or custom tone curves (does the 20D have them?), with JPEG+RAW to allow for some later custom conversions in the tough cases. (I am still in the early stages of experimenting with low contrast in-camera JPEG versus RAW and later manipulation, via RAW+JPEG mode.)