When you say that you want to separate conversion and editing, by editing, are you also referring to color management?
Yes. The optimal workflow for most is to do all non-conversion adjustments in an NLE, such as Premiere, After Effects, Final Cut, along with other programs that maintain a "non-destructive" workflow (e.g., Resolve).
Currently, the ACR/LR workflow outputs a Prores 422 file, into which many people are "baking" the white balance and other adjustments. The reason for making the adjustments prior to converting to Prores 422 is that you get to work on the uncompressed file and get a lot better results (especially with tonal adjustments). But the baking-in of these adjustments violates the non-destructive editing flow. In a non-destructive workflow, adjustments can be made at any point in the process, without the penalty of having to re-bake adjustments (in this case, in ACR or LR).
So the new workflows (similar to basically all other video workflows), will convert the RAW file to a format (e.g., Cinema DNG and CineForm) that maintains the ability to make adjustments at any point in the process, and doesn't require going back and forth between programs to adjust simple stuff like white balance and highlight recovery.
That said, ACR/LR do have some amazing features and I'm sure there will be people who will still use an ACR/LR flow (e.g., for extreme highlight recovery, or specific plugins such as SilverEfex). But personally, I want to take the footage straight into the NLE and/or Resolve, without having to worry about whether I "converted" the files properly.