The data is converted to the full bit range (LowBit = 0, HighBit = BitsPerPixel - 1) when RasterImage.UseLookupTable property is not set and data is linearly scaled from black for minimum intensity and to white for maximum intensity value. Otherwise; when the flag is set, it will resolve the corresponding RGB value from the LUT as the source color and convert that to destination bits per pixel.
When the images are saved as DICOM or TIFF, no conversion is made.
Whenever you save an image containing a region as a TIFF file format, the region is also saved. Note, however, that the ability to save a region inside a TIFF file must be unlocked. This requires a Document Imaging or Medical Imaging toolkit.