Thanks, much appreciated!
I just got it working, so far so good! Although I am a little puzzled at some of the names of the sliders...would you mind giving a quick run-down of what the sliders do? I guess the "holy grail" would be to find some settings that could town down burnouts whilst retaining contrast and saturation is the rest of the image (kind of like the comparison image posted earlier).
Also, when working this way would it be advisable to render a scene with good overall illumination with visible burnouts, and post process the burnouts out after. Or underexpose the scene / use reduced lighting levels to avoid burnouts and bring the levels up after in post?