writes ...
Perhaps my question should be: can I edit a single channel in the Layer palette ...
I don't know how to edit a channel in the Layer palette ... did you mean Channels palette?
can I edit a channel using adjustment layers ...
I don't know how to do this, I don't think you can but maybe someone else has a method ...
... and using layer masks?
You can save a layer mask as a selection, which means it's an alpha channel, and then you can combine this alpha channel with other channels using Channel Mixer, but I don't think that's what you're asking.
If I understand your Q the best way to do it (edit channels without changing the original) would be to just make a copy of the image and do whatever you need to do on the channels, then move the result over to the original image.