Yep, that's the best I've come up with, too. Thanks for spelling it out clearly.
The problem comes when you forget to close and re-open the ODF version, or you forget and use the Recent Files list, and then go merrily along, editing the "wrong" one. I've tried to make it a habit to follow exactly the steps you gave and not get distracted, but things get hectic, I forget, and my project gets fouled up.
In a perfect world, where every format was safe and supported, the current approach would be fine, but right now, ODF is the only format that's really safe, and switching the working document to something else is not a good approach.
There is a request to add a File > Export (or Save Copy As) menu item:
Issue 11393:
Add File | Export... functionality for _all_ supported formats
You can register there and add your vote (up to two) or comment.
Sorry for raving on about it. One of my pet peeves, I'm, afraid.