Well, I haven't tried what you are ttrying -- doing a composite and then trying to open it in Camera Raw, so I can't give a clear direction. First, does the composite have layers, or did you flatten it first? If it has layers, that would be a clue. Otherwise, what is the size in pixels? I don't know if Camera Raw has a limit or not, but you might check it out.
In general, for projects like that I've just run the Raw images through Camera Raw to make sure they are compatible/matched for the needed tonal stuff, then done the blending in Photoshop and, if they need adjstments done them there. Camera Raw will not give you an advantage over Photoshop in processing the tiffs, so to me there is no value added trying to do "stuff" with the composite tiff in ACR when you have the advantage of adjustment layers, masks, etc, in Photoshop.