I always use highlight tone priority it really keeps the normally blown parts tamed. Another point to make is having the subjects overall exposure right is more important than having some blown. Shooting ambient light it is the rule to shoot exposures that reveal the subject even if the side of the face is blown or some hair is blown. Maybe some can't live with that but by no means is this a real problem.
Weighing in of dof. If you use a dof calculator it will reveal how much it is affected at long focal length and or subject closeness. 200mm F2.8 at 10ft is .1ft in focus. At F5.6 only .2ft in focus. So F8 may be necessary for the stage shot even making it .3ft in focus. If you back it to 135mm it is .8ft in focus at F8 10ft. So shoot at 15 ft or more and your dof is 2ft. In the case of trying to aquire dof shooting at a shorter focal length with a smaller aperture then cropping may be the trick of the trade for concert photos or simply photos with more subjects at large apertures. Not that everyone doesn't know this but it is a reminder how being close or shooting long requires maxing out your apertures and iso's for dof.