>Personally, I would prefer to have the histogram show the true status of the exposure and not some shifted value
>What is "true status"? The in-camera histogram is based on the camera settings, which have no impact on the raw data. I would prefer raw histogram shown in-camera, at least as an option, but I don't think many customers share this preference.
This issue has been covered many times. Since the histogram is derived from the JPEG preview with most cameras, you should set the contrast to low. Contrast affects the quarter tones much more than the extremes of the histogram. If you want to see the channels without white balance, at least with Nikon cameras, you can upload a special white balance to the camera where the red and blue multiplers are set to unity (UniWB). Also you can upload a TRC to the camera to undo the gamma encoding, but I've never tried this.
If you do a bit of experimenting, you can correlate the camera histogram with the raw file and have a pretty good idea of what is going on with the raw file, and you can gain quite a bit of control over the histogram. Some cameras indicate clipping in the histogram when there is none in the raw file, and this can be corrected with the proper TRC.
IMHO, a raw linear histogram is not a good idea, since the data would be scrunched up on the left. A log base 2 histogram would correspond to f/stops and that would be my preference and also corresponds with human luminance perception, which is log.
>The exposure with HTP On is the same as with HTP Off, but the ISO will be halved with HTP On (that's the reason for HTP working only from ISO 200 up). The loss in the raw data is the least significant bit. As the 1DMkIII creates 14-bit raw data, this loss is practically meaningless (assuming that the extra bits or at least the first of them is not random).
If you halve the exposure, shot noise will be increased by a factor of 1.4 across the tonal range. Usually dynamic range is limited by the noise floor, rather than by quantization. The 14 bit ADC wouldn't address the increased shot noise, but it might reduce the read noise.