I'm not chiming in on back compression (which is always going to be at least a small issue in any weight bearing movement), but in my own experience, I've noticed that in terms of muscular development not a lot of top competitors still do heavy deads. Usually, they opt for hypers, or good mornings.
Still, different people will respond differently to certain exercises. I've been able to really focus stress on my lumbar area with weighted hypers, while my brother always attributes the same movement to his hamstring development.
Of course, I'm going into most exercises these days with a lot of consideration of old injuries, which is something that should always be considered, especially when dealing with your lower back.
I think the real question is what your ultimate goals are. When I injured my lower back in '07, my brother suggested that it was the result of training like a bodybuilder for so long, and not allowing all the muscles to work synergistically. So even if you do decide to focus on a more isolation type approach to posterior chain work, you'd probably still want to include some form of compound work to tie everything together.