There must be a view flag to prevent the backbuffer from getting cleared.
The NOSKY flag could do it. Do all your rendering to one target, but have the final view shown on screen have the NOSKY flag set, and use a pp-shader to mix the render target into this view with an alpha < 1.0.
Jibb
EDIT: I wonder if NOSKY is perhaps useless in PROCESS_TARGET. It's not working here.