Thanks all for the comments and suggestions. To be honest, everyone's input has been helpful as I continue to experiment with options for color management settings.
As for me, my personal experience has evolved around the purposes of preparing for CMYK print which I've got down by using my own custom CMYK color profiles. RGB by been an afterthought as most of what I bring in (photos) gets converted to CMYK for print (packaging, marketing, etc.), where even a great deal of Pantone assignments comes in to play.
The suggestions regarding RGB here give me a broad knowledge of options for setup and I'm finding the result better with each experiment... as well as up till now, has been an overlooked issue for improvement. I really like the ProPhoto RGB as well and may try to move towards that direction. My immediate needs to maintain color for web has been resolved for now. That was a huge help. Also, I can, when color processing in RGB, keep things within range for proper CMYK conversion just through experience of knowing which gamuts to not exaggerate. I have a large format, high color range Epson 9900 that can definitely benefit for printing complex RGB profiles. I'll eventually try to make a move to that (ProPhoto RGB) while retaining my custom CMYK profiles.
In the mean time, I'm keeping it simple with the sRGBs and custom CMYK, and most importantly, making sure all of my preferences match between RAW converter, Photoshop and OS profiles. That was also a major, if not the main issue causing problems in the mean time. I can't make such a drastic RGB profile change right away as I'm in the middle of designing and exchanging files for web using the current profiles. I'm afraid it I change the color profiles now, it'll mess up between my previous and future files exchanging with my brother for web design files. Once the art is all exchanged for this current project, I'll make the drastic color profile change (particularly for RGB settings).
Everyone's input, even if conflicting in subtle ways, has been helpful because it helps me to consider and experiment with all suggestions to find what works best for me concerning both translation of images to web as well as large format color reproduction in print - so I appreciate everyone's input and the time taken to offer their suggestions.
Thanks again for the feedback and as I experiment and ween down to the ideal and most effective setup for my personal needs, I'll chime in and share results (for future reference regarding this issue that others might run in to).