Buffer? Is this a sports event where you 'machine gun' the people? But even then, most cameras have sufficient buffer capacity to handle that, provided you use memory cards that do not slow down the write process unnecessarily. So please share a bit more what kind of event you are talking about here.
A typical case where shooting RAW is the recommended option is discussed here: http://www.clubsnap.com/forums/showthread.php?t=1541407
Usually, table clothes in restaurants are whiteband clean. Perfect reference when you do the WB fine tuning later. From there, go a few hundred Kelvin to the warm side and you are there.
It works best with RAW.
It really depends on one's individual style and preference.
Shooting in raw allows more latitude on post processing. You can correct errors, bring up the shadows, correct blown out highlight details, adjust noise etc. You can also do these in jpgs but the range is very limited. The con is that the file size is large and you need to post process every shot.
Shooting in jpg is faster and need little or no post processing - maybe some cropping and alignment. The down side is that you need to be almost spot on in your exposure for the situation or risk losing details in the highlights and shadows areas.
I prefer to shoot in raw. It allow me to adjust the exposure to the way I want it to be. To reduce post processing workload, I set certain default for the lightroom import - (e.g. apply lens profile, sharpening, clarity and noise reduction setting. For others like WB, I would sync the setting across similar sets of photos. Yes, this is a lot more work, but for me I find it is worth it as some shots are not reproducible.
In summary, take the ideas and suggestion here and decide for yourself what works better for you.