Olympus software questions

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I have a Mac and I just ordered an E-PL1. I understand I need Master to perform firmware updates. I also know that Master can process E-PL1 RAW files, but so can Viewer 2.

Is it still recommended to get Viewer 2, or would it be redundant? I hear it's newer and slightly faster. Can Master and Viewer 2 co-exist peacefully on my Mac?

I also have Photoshop Elements with the Adobe Camera Raw Plugin. One feature I like about the ACR plugin is that it has a slider for highlight recovery. Does Master or Viewer 2 have something similar to this? Or do I have to pony up and buy Studio to get this ability? I would prefer to use Oly's software from start to finish because I want to preserve the famous Oly colors.

Sorry for all the questions!
 

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