Mike
If you "Edit in Photoshop" (Ctrl+E) it'll take your image and use lightroom corrections, and convert it to whatever format. PSD TIFF, JPEG you like. It'll open the file in Photshop, you can then do the adjustments you want then "SAVE". It'll save the file in the same folder as the original RAW image, but with all the Photoshop adjustments, and you'll be able to see it in lightroom. If however you need it in a different folder then you've got to do the export and re import route
It may be a good idea to save your Photshop images to a different folder. Why not drop that suggestion off at the Adobe Web site. It would simply be an option in the "Export to Photoshop" dialogue.