Canon Digital Rebel XT, RAW files, and Photoshop

Ok, I'm getting a headache trying to figure out the most streamlined
workflow with the current Adobe products that I have. I much prefer using
Adobe's Camera Raw Plug-in over Digital Photo Professional because of the
integrated workflow and more user friendly interface. I've been using
Elements 3.0 but a little while ago I received Photoshop CS as a birthday
gift and have been using that as my primary editing app.

From what I understand given my camera model and Photoshop versions this
what I can do (with the first being my current workflow):

1. RAW - DPP - TIFF - Photoshop CS - PSD or JPG
2. RAW - Elements 3.0 with Camera Raw 3.1 - PSD or JPG
3. RAW - DNG converter - DNG - Elements 3.0 with Camera Raw 3.1 - PSD or
JPG

I can't do the following, right?:

RAW - DNG converter - DNG - Photoshop CS - PSD or JPG

I guess I can go back to using Elements 3.0 and option 2 above but Elements
crashes about 20 times more often than CS on my Mac (10 times a day for
Elements rather than 1 every 2 days for CS), that's a big reason I asked for
CS in the first place. And then I could use CS for features not included
with Elements when I need them.

Thanks,
Greg