Thank you AmberV for explaining and suggesting some workarounds.
Yes, I have tried it. It was time consuming (after trying fountain) and does not accommodate all the features naturally.
I was skeptical about fountain initially, but with all the rave about it being more productive, I gave it a go and I didn’t look back. Because Highland will produce it very pretty for you, and you just need to type the CAPS when needed, and put things on a newline like you would normally, minus all the thinking about: selecting from a dropdown list, should I press tab or enter, is this in the right place, can I adjust this, why can’t I put another parenthetical here… those things that go through the head when writing slows down the writing, so I went fountain instead.
And the plus is, I can work on my iphone or ipad, then copy and paste (i have a separate workflow that syncs text files from a long time back) into Scrivener when I get back to the desk. I don’t need to think twice about formatting.
I understand from your standpoint the purpose of the fountain compile settings. However, there is more than one use for Scrivener, being such a swiss knife it is, and I hope that you will consider the ones who write in fountain. It’s a fairly new format, but it really writes faster with just CAPS and newlines. Perhaps Scrivener can compile fountain like Highland someday 
A more relevant bonus might be to include comments, annotations, footnotes. I can live without them in the export feature for now, can’t tell what it might be in the future though.
Love surprises!!!
I might want to have my cake and eat it, but… I wanted the aesthetics of the bold and italics as they are seen, rather than in markdown format with the asterisks, because it’s easier on the eyes what they are. 
So what did I end up doing?
My solution was compiling in the .fountain format, because the settings were painless and brainless, and it had everything I needed except for the newlines. So I wrote a little program to tidy up the resulting fountain file, and it’s beautiful now.