Does This Wrkflow Make sense?

Super Noob here. I just started recently using RAW format and started dabbling in post processing.  I shoot with Nikon D5100 and currently use Mac OSX with iPhoto '11. I have read that using viewNX is ideal for processing the RAW NEF image, but I love using iPhoto for its great UI.  My question is, if I initially import my NEFs into viewNX to do some editing with Picture Control in viewNX and then import the NEF into iPhoto to do some further editing, do i still preserve the benefit of the initial RAW processing with ViewNX?

Thanks in advance

Matthew