If you're looking for a magic "standard workflow" - there is none. Yes, the rough cut should definitely been done in Premiere, including possibly crude versions of time-remapping and stretching, and yes, you work selectively. Nobody would render color corrections just to trim them away. What is more important than the actual method used, is a little discipline on your part. Many people make the mistake of going too far on the rough cut and then already it contains effects and tweaks that prevent clips from being exported to AE or replaced later. E.g. you will almost always need "handle", that is extra frames at the start and end to create transitions or else without it, all your color corrections will go nowhere. If you get my meaning: You have to decide where you wanna work, not constantly hop back and forth. Trouble only comes when you are finishing things up prematurely and are using features in program A that don't carry over to program B.
Not sure if this will help, http://www.youtube.com/watch?v=XQcVllWpwGs&feature=fvst touches on expressions and waveforms etc. Also 2 tutorials for Premiere http://library.creativecow.net/search.php?q=audio+%22Adobe+Premiere+Pro%22+%22Adobe+Premie re+Pro%22
Something that's worked for me lately is rendering proxy files in AE so you Premiere timeline scrubs the AE dynamic linked clips faster (or at least preview render them faster)
Maybe one day we'll get a barebones NLE right in After Effects.