I had supposed といってもいい was an expression and the adjective いい would not be taken out of context.
What do you mean by this? といってもいい is a fixed expression, yes, but the いい is still the い-adjective いい, the same as 天気がいい or 気持ちがいい, etc., and
だ is never grammatical after an い-adjective.
Is だろう the casual form of でしょう and derived from だ? Is it grammatical to have it after the い-adjective as per the example below?
Yes, and yes. だろう is the casual form of でしょう and you can consider it the conjectural form of the copula だ.
But だろう and でしょう are both grammatical after い-adjectives, while だ is not.
The plain form of an い-adjective predicate is simply the adjective (e.g. 良い, 面白い, 美味しい, etc.) without だ.
This is a very simple and fundamental rule of Japanese grammar.
それはいい考えだ。いや,すばらしいといってもいいだろう。
Yes, this is grammatical.
The following would also be grammatical:
それはいい考えだ。いや、すばらしいといってもいいでしょう。
それはいい考えだ。いや、すばらしいといってもいい。
The same sentence with だ at the end is ungrammatical, the same way the following are grammatical:
◯ 面白いだろう
◯ 面白いでしょう
◯ 面白い
but
☓
面白いだ
...is not.
No offense intended, but this is a very basic rule of Japanese grammar, so given your relatively advanced level, it's somewhat surprising to me if you're only realizing this now. If I'm misunderstanding your point of confusion, my apologies, and please don't hesitate to elaborate.