That doesn't work that well, as the stitches are unlikely to match exactly. While you could write a script to have Photoshop align the layers, my guess is that it's be better to do the HDR first, and then do the stitching. That's what's done with many HDR panoramas. All of this is assuming that we need HDR. With bw, it might not be needed unless one let density get out of control.
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