I've been using image stacking for long exposures, where I average together several images to get a long exposure effect without high-stop ND filters (arriving soon). This gives a much stronger signal-to-noise ratio, and mitigates a few other technical challenges, but that's beside the point.
What I'm wondering is that since I'm using multiple images (and hence more information on each pixel), is there a way to convince Photoshop of this and treat the averaged stack (a smart object) as a 32-bit layer?
If my understanding is correct, this would give greater (colour/luminance) bit depth, and allow me do the adjustments I already do with more confidence of staying within the limits of the file (i.e. not over-processing).