I recently learned a few more tidbits about using the Soft Proofing options in Camera Raw 8.2. Thank you Eric!
• When using Soft Proofing options in the Workflow Settings in Camera Raw 8.2, you can choose the Rendering Intent as well whether or not to emulate Simulate Paper and Ink. However, there is not an option for Black Point Compensation because it is always enabled in Camera Raw.
• In addition, Grayscale color profiles will only appear in the Space popup when processing a monochrome image or when converting a color image to grayscale.
• And finally, when using a Lab or CMYK color space, the histogram and color readouts will change accordingly.