I always assume that something that matches chemically what my body makes is always safer.
Sounds like Raloxifene is trying to be both estrogen and progesterone in your body; seems easier and safer to just use a bioidentical estrogen and progesterone. And yes it is always safer to take progesterone with an estrogen.
You can call your local compounding pharmacist and ask for a hormone expert who prescribes topical bioidentical hormones.