Generally speaking: insert EQ's and compressors on tracks;
Delays and reverbs on Aux Tracks;
For latency control you also want to activate latency compensation on all tracks.
And if you want to get really good at it, read this:
Have a nice day!
Reverbs and delays are effects - they add something to the sound. Compressors and EQs are processors - they change the sound. Generally speaking, you want to put effects on auxes since you are likely going to share them between multiple tracks. And generally speaking, processors go on the track itself because you want to change the source, not add to it.
There are always exceptions of course, the most obvious being parallel compression, where you add a compressed signal to the uncompressed source. You might do this using an aux, or a wet/dry control on the compressor if it has one.
To reset all faders to unity: select them all in the mixer, drag them to the bottom, then option-click one of them. Option-clicking a fader returns it to unity. When selecting multiple faders, you have to drag them all down to zero first because they will change relative to the one you option-click on.