I have been using Beta RGB as my working space for years, quite successfully, for all my color work from digital captures. I decided on it for pretty similar reasons as you. (for monochrome or B&W output, 16-bit Beta RGB is obviously overkill, so those are 8-bit sRGB)
However, I rarely use Edit in Photoshop straight out of LR, because as you note, the choice of working spaces is limited (and yes, ACR takes a different route here). Instead, I Export > Tiff or .psd, which allows exporting directly to Beta RGB, 16-bit. Anything that needs a visit to Photoshop gets this treatment.
My workflow is probably a bit different, due to the fact that it started before LR appeared, so I have a substantial body of legacy .psd's & .tif's, printed through either Photoshop or RIP software. This influenced me to eventually develop two LR catalogs - one is exclusively raw capture files, the other is "prints", the images that merited further work in PS, and were finalized for output (along with legacy files).
I must admit to being a bit reluctant to go the smart object route - I use them during editing, but rasterize at conclusion, wanting to avoid any possible nasty surprise years hence…
my 2 cents, YMMV
John
JWL Images
Emeryville