Safest bet seems to experiment -
I'll scan the same file in both 8 & 16 bit depth and apply tonal/contrast corrections to it while watching the histogram. I'll report what happens.
Actually, there is really no need to experiment if you want to get the best quality print. For that you scan in 16 bit and do all of your editing in 16 bit. With some types of images you might be able to get away with 8 bit scan, but the risk is always that you will dramatically reduce the total number of levels possible in Photoshop and cause posterization. In some cases even one curve adjustment can reduce total levels form 255 to 150 less.
For purposes other than high quality printing (web gallery, etc.) you may be able to get away with 8 bit files. But for really high level work you should scan in 16 bit and do all of your editing in 16 bit. I believe that is the advice you will get from almost everyone who understands the subject.
My procedure is similar to that of Don, and involves scanning to archive. That is, I always scan at the highest reasonable resolution and save the file on the hard drive or DVD. Then I will edit from this original, saving the changes at the size I need to print.
What is the highest reasonable file size? This depends on the RAM, hard drive space, and processing power of your computer. I work with an Intel duocore iMac and can easily save and process files in the 500 mb to 1.5 gig size. I typically scan 5X7 negatives in 16 bit grayscale at 2540 spi, and this works out to a file size of around 430 mb. I archive these files 8-10 at a time on a 4.7 gig DVD. This would allow me to make a print of 20X28" size at 635 dpi, or one of 40 X 56 at 300 dpi.
I could scan the 5X7 negatives at even higher resolution than 2540 spi, but that is already more than I needed since I am not interested in making prints larger than the sizes mentioned above.
Sandy King