Your work flow is interesting.
I'm forced into it due to time and hardware. For those that don't know, I use a very wee machine (an 800Mc iBook) for recording. This places limits on what I can do.
Since recording sessions are only about 2 hours/once a week, when we're lucky, finishing a song is spread out over 2 or three weeks. This means that I'd need to sit on my hands until the song is done, because adding effects/compression/etc would be too much for the wee machine when I went to record next.
As an example, the current song is, at the moment, 44 tracks ("gasp", eh?). All kinds of effects used on most of the tracks, and my desktop plays it fine, with no tracks locked.
But there's still recording to do. So in this case I have two working files, the raw recording file, and the file I'm actually mixing. The Raw file has a much lower track count (probably in the 20s) and no processor pounding effects (not even the 2 MIDI Bass tracks that are in my mixing file)
When we do the lead guitar tracks I'll copy the regions over. If there are no further recordings to be made, then I'll finally do an archive and continue work on the new file. --Hang B-)>