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Yes. Once you've got the master frame (combined subs), you're ready to apply DDP to it. There's different ways of using the tool. Luminance stretch is one, another could be to provide a colour boost on RGB data and later recombining as a layer in PS over the top of the DDP stretch lum. I wouldn't suggest you use it to stetch data for everything, but there are some images that can really benefit.
Your thoughts on layering the data (different exposures) can also be done using DDP. Simply alter the mid point/tone settings to control the aggressiveness. Each image could then saved and layered in PS. Though you'd probably get a similar result from a single application of DDP. You would need to try this out to validate.
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