Almost always you get the most dynamic range from any BMD cameras shooting at 800, aside from the global shutter cameras like URSA and the 4K Production camera / Ursa Mini, which are 400.
To the OP, grading is hard and a difficult skill to master. Your highlights issues speak more to your abilities to colour correct. Perhaps look at getting yourself a copy of the colour correction handbook or one of the "learning DaVinci Resolve" books.
Sometimes lot's of people change the ISO in the camera to "trick" the user into favouring highlights or shadows more.
But if you're exposing properly for 800, then you will almost always get the best result. Doing anything else is almost always a "con" for either monitoring more easily of giving comfort in a difficult situation. Sometimes known as ETTR or ETTL. Changing the ISO is a way of cooking the books to achieve that result, something you could also do at ISO 800.
Separate to this, it is true that there's a slightly different allocation on the BMD curve when shooting at ISO1600 in RAW, the theory being that there's more discretion in the shadows for being able to grade later.
In reality it makes almost no difference in my view to the viability of low light footage.
I almost always still shoot ISO 800 when I'm in really low light because it looks better and grades better. And that's in ProRes, not RAW.
Here's some low light shots form the second season of queen of the south. All shot ProRes and good old ISO 800. First as shot....
- ExDStill_QOTS_170131_010438.jpg (262.2 KiB) Viewed 12260 times
And then corrected in Dallies. This is a simple grade by the way, no secondaries because it has to go through CDL. We did some further noise reduction in the final grade, but not on this shot. This is also an example of a skilled colourist, and why it takes a long time to actually be good at it.
- ExDStill_QOTS_170131_010447.jpg (762.92 KiB) Viewed 12260 times
JB