Ditto digitaldog on the RAW question. But confused on the rest. Why are you doing ACR "Enhanced"? That's mostly about Super Resolution, and in normal res mode does little or nothing to "enhance" an image. Then, if you merge to HDR, why are you fooling around with luminosity masks and blending layers? What layers? The merge to HDR blended the light and dark images for you, and probably did a better job than you can do manually with lum masks.
Sorry for the late reply, I guess I must have notifications turned off.
Regarding Digitaldog - ok I see, I can edit the RAW file as much as I like without degrading the image. I thought eventually you'd degrade it.
Going on to the rest; I Enhance because I read that it enhances the file, it even appears to on my monitor. I also read that there are much better algorithms for upsizing an image than Super Resolution.
Going on to the Merge to HDR; I'm merging so I have all the dynamic range of the two (or three files). The result I choose is not a tone mapped HDR because I don't allow ACR to tone map my image.
I guess this isn't something that can be easily explained on a forum.