need help on normals baking from high res model to low res

i have a little confusion about baking normal map from high res model to the low res
i know how to bake but the problem is that there are 4 approaches & i don’t know witch is the correct way to do it :no:
the result i seek is to have the details of geometry plus the stenciled texture of fabric & leather on my low res model, so what should i do??

1-only UV the low res model, bake the normals from the high res & then stencil the low res as i texture it.
and also in this case should i stencil the low res on the same baked image or a separate image???
do game engines support using a model with 2 normal maps??

OR
2-UV the high res first & stencil it then UV the low res and bake… will this give me the details of geometry plus the stenciled texture on my low res??

OR
3-only UV the low res and stencil it then bake on the same image of the stenciled texture??

OR
4-only UV the low res the bake, then stencil the low res on the same image of the bake??

if there is more than one correct answer then which provides the best result??

i also heard that i should save the baked image as (.EXR) or else it will lose some information, is that true? and if it’s true should i choose EXR or EXRmultilayer? or only choose the multilayer if i’m baking the stencil along with geometry details from the high res!! (if that works of course :smiley: )

sorry if i’m asking too much but i need to clear this confusion once and for all, hoping this would help others too
any help would be much appreciated… thanks in advance